The Price of Dogecoin Soared 30% Today, Thanks to Elon Musk’s New Twitter Logo
Today, Twitter owner Elon Musk removed the bluebird from the company’s logo on its website and replaced it with the Dogecoin ‘Doge’ logo. The surprise move caused the price of DOGE to instantly spike as investors speculated about the reason behind the logo swap. Dogecoin’s price soared as high as +30% today in reaction to this news, with DOGE volume spiking over +235%.
While many Twitter users believe this could be Musk’s attempt at an April fool’s joke, that appears unlikely as it’s now April 3rd, and a simple logo swap doesn’t take three days to execute. Also, the amount of money pouring into Dogecoin seems to indicate that investors believe the move to be more than a joke and could possibly involve some form of integration with the Twitter platform. Knowing Musk’s history and his love for memes, it’s also possible that the logo swap could have no real significance whatsoever and is simply Musk’s idea of a funny meme.
This afternoon, Austin Hilton, who runs a finance-related YouTube channel with 226,000 subscribers, released a video stating why he believes Dogecoin is about to become the official cryptocurrency of Twitter.
Source: Austin Hilton YouTube
For years Musk has been outspoken about his fondness for the king of the meme coins, calling Dogecoin the “people’s coin.” Of his other companies, Musk has stated in the past that Tesla currently accepts DOGE for some merchandise and that SpaceX is planning to do the same. All things considered, a move that could see Twitter accept Dogecoin as a form of payment is undoubtedly in the cards.
It’s also possible that the social media company could even go as far as to make DOGE the official crypto of Twitter.
We’ll have to wait and see. We’ll report back on this developing story as more information becomes available.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Dogecoin is currently changing hands at $0.0921, up +15.82% over the past 24 hours. YTD, DOGE is up +29.12%.
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Disclaimer: Wealthy VC does not hold a position in any of the cryptocurrencies mentioned in this article.