Twitter’s main logo has been replaced with the infamous “Doge” meme, causing a predictable surge in the value of Dogecoin (DOGE) by 25% in the past hour, now trading for $0.1.
Elon Pumps Doge (Again)
Elon Musk, CEO of Twitter and longtime Dogecoin fan, was primarily responsible for briefly bringing the asset into crypto’s top 3 coins in 2021 through a series of bullish tweets. On Monday, Musk simply followed the change to Twitter’s logo by publishing a meme. The billionaire has since exhibited a strong ability to affect Dogecoin’s price, briefly pumping the coin whenever he gives it his occasional good word.
Experienced traders were prepared to capitalize on the executive’s latest doge-related activity, with popular crypto trader Kaleo on Twitter saying he’d taken some profit after the latest pump and intends to rotate back into Dogecoin if there’s a “decent pullback.”
Dogecoin VS Bitcoin
However, not everyone is pleased with Musk’s promotion of Dogecoin. Avid Bitcoiners see his latest promotion of the meme as a “distraction” from the various financial benefits that Bitcoin provides. While not opposed to Bitcoin and crypto broadly, the executive has often joined Dogecoin creator Billy Markus in taking a lighthearted approach to the space. Musk has even claimed that Dogecoin is better for daily transactions than Bitcoin due to its faster base-layer transaction throughput.
“For someone at the very top of the 0.1% who benefited the most from our broken money system, instead of standing behind the principles of #Bitcoin, the people’s money – he promotes degenerate get-rich-quick crap,” tweeted @bradmillscan on Monday.
When logging into Twitter, the bluebird that once appeared on Twitter’s loading page has now been replaced by an icon of Doge. Meanwhile, the similar icon used to return to one’s homepage Twitter feed in the upper left corner of the desktop browser has also been replaced by the notorious dog meme. The login page is different too, with a massive picture of Doge now covering the blue bird that used to appear when creating an account.
Dogecoin traded for just $0.076 at 13:05 UST on Monday, before skyrocketing after Twitter’s sudden change.
— Elon Musk (@elonmusk) April 3, 2023
