Dogecoin, one of the most favored memecoin of Elon Musk, mirrored a spike soon after Twitter’s logo was changed from bluebird to dogs Japanese breed Shiba Inu, which is the logo of Dogecoin.
Source:Twitter(Showcasing Dogecoin Logo)
The change in Twitter’s logo was seen on Monday US time when users of the Twitter community reported that the old logo featured a bluebird that symbolizes freedom and hope, with the blue color associated with freedom and unity.
On April 4, Elon Musk Tweeted about the change of logo, adding a viral meme in his tweet, which features a Shiba Inu dog showing a driving license featuring an old bluebird logo of Twitter.
In response to the change of Twitter logo, the Dogecoin community tweeted, noting, “Very Currency.Wow.Much.Coin.How Money.So Crypto.” Until press time, Musk hadn’t specified the reason behind the change. Although some users believed the change was to be implemented on April Fool’s day, the company could not bring the change on time.
On April 04, 2023, Musk shared a screenshot of his old conversation dated March 26, 2022, in which he was interacting with a Twitter user @WSBChairman. In the same [email protected] replied, “ The most entertaining outcome is the most likely.”
Dogecoin prices soared over 20% in just a couple of hours, and in the same trading session, the closing price of memecoin was $0.0959. It is important to note that the trading volume of Dogecoin soared by 312% compared to April 2, trading volume.
In meantime, DOGE was trading at $0.0986 after gaining over 25% in the last 24-hour trading session. The 24-hour trading range is $0.07663 and $0.1026.
Dogecoin technical charts show that on April 3, buyers were more active compared to sellers. According to Dogecoin Whale Alert, in the last 24 hours, millions of memecoin were transferred from multiple unknown wallets to some specified crypto wallets.
Dogecoin whales were seen taking advantage of the price spike, a whale wallet starting with DRF.……7QX added memecoin worth $8,068,533.80 on April 03, and made seven massive transactions and readded memecoin worth $7,914,410.03 and made two other transactions.
Summary
Elon Musk, the Tesla owner, mostly uses his social media handle to show his love for Dogecoin. Recently Musk was accused of running a ‘pump-and-dump’ to spike the price of Dogecoin. The Judge of the U.S. District Court, Southern District of New York, ordered Musk to pay $258 Billion. Moreover, Musk requested the Judge to drop the $258 Billion lawsuit against him.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/04/04/as-dogecoin-doge-surges-over-20-is-musk-via-twitter-boosting-it/