Dogecoin, a cryptocurrency that started as a joke, saw its value surge by over 30% after Twitter changed its logo to the Dogecoin symbol. The value of Dogecoin rose to $0.43 per coin, making it one of the most significant rallies in recent times.
Twitter’s choice to adopt the Dogecoin icon as its logo can be traced back to Elon Musk. Musk posted a photo of a Shiba Inu dog—the breed that inspired the Doge meme—on Twitter with the word “Doge” and a link to an article discussing Dogecoin’s potential as a currency.
Elon Musk shocked the cryptocurrency community by posting a screenshot of his conversation with the WSB Chairman on Twitter, in which they discussed the possibility of developing a competitor to Twitter before the latter’s takeover. It was proposed by WSB that they “simply acquire Twitter” and replace the bird emblem with a bitcoin symbol. As promised, Musk tweeted after Twitter adopted the Dogecoin icon as its logo.
Twitter users have expressed diverse opinions regarding the recent change in the Doge logo. While some view it as a humorous and fitting move consistent with Elon Musk’s style, others are raising doubts about the legitimacy of the platform, speculating if it has been hacked or if this is a delayed April Fool’s Day prank.
Is DOGE Payments The Next Big Surprise ?
Elon Musk is now offering a “paid” blue tick verification service for Twitter users, which means people can pay to have their accounts verified with a blue tick. The service costs $8 per month for individuals and $1,000 for organizations. Some people are wondering if Twitter will allow payment with Dogecoin, given that Musk is a big fan of the cryptocurrency. Although Twitter has not confirmed anything yet, there is a chance that they might consider it since Musk has spoken highly of Dogecoin in the past.
DOGE Price Analysis
Dogecoin increased rapidly by 33% in less than three hours. Right now, the price of Dogecoin is having a hard time staying above a certain price level of $0.0987. This means that some people who bought at lower prices might be selling their coins now to take some profits.
It’s normal to see a small decrease in price after a big increase like the one Dogecoin experienced. So, we might see the price drop to either $0.0925 or even $0.0825 before it starts to go up again.
This caused a lot of people to trade Dogecoin, with a trading volume of $3.54 billion in 24 hours, which is the highest it has been in the last three months. LunarCrush predicts that based on similar surges in the past, DOGE Price could increase by an average of 18.4% in the next week.
Source: https://coinpedia.org/news/twitter-logo-replaced-with-doge-is-the-dogecoin-payment-coming-next/