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Elon Musk’s latest move sends DogeCoin soaring: Will it finally reach $1?

The billionaire's Twitter logo switcheroo leads to 30% DOGE surge in minutes.

Muhammad Abdullah by Muhammad Abdullah
April 3, 2023
in Crypto News
A photo of DogeCoin with golden pearls

Image via Unsplash

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DogeCoin has surged more than 30% within minutes after Twitter replaced the social media giant’s familiar blue bird logo with the meme token’s Shiba Inu dog logo. The cryptocurrency’s price skyrocketed to 11 cents from 8 cents after the logo change, which marks the highest value that DOGE has achieved since December, according to CoinDesk data.

Dogecoin price chart by CoinDesk

This surge comes as no surprise to many, given that Twitter’s CEO has shown himself to be a fan of the meme coin. Elon Musk has frequently endorsed DOGE, even suggesting that it may offer better payment functionality than Bitcoin (BTC). The billionaire tech entrepreneur has been known to influence DOGE’s price with his tweets, causing sudden price jumps and crashes. A similar jump was also seen after Musk’s Twitter deal.

Furthermore, in January, Financial Times reported that Twitter was designing a system to allow payments through the platform, and Musk expressed his interest in adding cryptocurrencies to the mix. Though he wanted Twitter to prioritize fiat currencies, this story greatly boosted DOGE’s price.

With all these factors in play, it’s no wonder that DogeCoin has once again made headlines in the cryptocurrency world. Only time will tell how long this trend will continue and what other surprises DOGE has in store for us.

Tags: DogeCoinElon MuskTwitter
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Muhammad Abdullah

Muhammad Abdullah

Abdullah, AKA "abdugeek," is a computer scientist turned tech writer and certified Growth Hacker. He has a versatile entrepreneurial mindset and is well-versed in digital world with passion for animals, particularly fish. Founder of multiple digital startups in technology sector, he's always pushing boundaries and seeking new opportunities. Follow him on social media or learn more about him on about.me/abdugeek.

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