Crypto: Dogecoin Dazzles On Twitter Boost

Crypto markets gained more than a percent, early on Tuesday amidst a splendid rally by Dogecoin that followed Twitter’s blue bird logo being replaced by a Shiba Inu dog.

A higher-than-expected decline in the factory output in the U.S. also triggered hopes of a faster Fed pivot. The Dollar Index, which measures the strength of the Dollar against a basket of 6 currencies is flat at 102.11.

Overall crypto market capitalization rose to $1.19 trillion, from $1.17 trillion a day earlier. Crypto market sentiment remains upbeat and from among the top 100 cryptocurrencies, only 17 are trading with overnight losses, 5 are trading with weekly losses and 7 are making year-to-date losses.

8th ranked Dogecoin (DOGE) surged 26 percent overnight and briefly jumped to the 7th rank overall after Elon Musk replaced Twitter’s bird logo with a Shiba Inu dog. Shiba Inu, a well-muscled dog that was once employed as a hunter is an ancient Japanese breed and is also the mascot of Dogecoin (DOGE) and many other canine-themed cryptocurrencies. Elon Musk has been a big champion of the dog-themed cryptocurrency, which surprisingly was started as a joke.

Amidst the excitement, market capitalization of the meme-category cryptocurrencies that numbers more than 360 has surged almost 18 percent to $21.89 billion. In contrast, Smart contracts category has gained 2.9 percent, Centralized Exchange Token category has edged up 0.14 percent, DeFi has gained 1.4 percent and Web 3 has added 1.1 percent. The memes category currently commands a crypto market share of 1.84 percent.

Partaking in the euphoria, 14th ranked Shiba Inu (SHIB) rallied 5.8 percent overnight followed by 113th ranked FLOKI (FLOKI) that surged 11 percent. FLOKI has rallied 375 percent in 2023. Riding on Dogecoin’s rally, 163rd ranked Dogelon Mars (ELON) has added 8 percent overnight.

Bitcoin (BTC) is trading at $28,300.74, up 0.58 percent on an overnight basis, 5.3 percent on a weekly basis and almost 70 percent on a year-to-date basis. Bitcoin’s crypto market dominance is at 45.9 percent.

Ethereum (ETH) is trading at $1,878.65, having gained 4 percent in the past 24 hours, 8 percent in the past week and 55 percent in 2023. Ether currently commands 18.9 percent of the overall crypto market.

Ethereum which is just a few weeks away from the Shanghai upgrade has outperformed Bitcoin on an overnight basis as well as weekly basis but is still lagging the top ranked cryptocurrency on a year-to-date basis.

4th ranked BNB (BNB) dropped 0.11 percent overnight amidst rumors in crypto Twitter about Binance CEO Changpeng Zhao being issued a red corner notice by Interpol. Binance has denied the rumors.

6th ranked XRP (XRP) is the worst performer among the top 20 cryptocurrencies with a 2.1 percent overnight decline. XRP has however gained 1.4 percent over the past 7 days and 48 percent in 2023.

7th ranked Cardano (ADA) has edged up 0.24 percent overnight and is currently trading at $0.3958.

Meanwhile, Japan’s Financial Services Agency or FSA has issued warning letters to four foreign cryptocurrency exchanges viz Bybit, BitForex, MEXC Global and Bitget for operating in the country without the necessary registration.

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