- Twitter CEO Elon Musk has updated the social media platform's website logo to a Shiba Inu dog.
- The development catapulted Dogecoin price by 30% to reclaim December highs around $0.107 before a brief reversal.
- This could be the beginning of a new rally for dog-themed coins.
Twitter CEO Elon Musk has updated the traditional logo of the giant social media platform to a Shiba Inu dog, a move that has catapulted Dogecoin price above key levels. The change comes two days after the tech billionaire and DOGE proponent requested a US judge to dismiss a $258 billion lawsuit filed by investors alleging an existing pyramid scheme to promote Dogecoin.
— Elon Musk (@elonmusk) April 3, 2023
Twitter update triggers 30% rally in Dogecoin price
Twitter changing its logo to a Shiba Inu dog has triggered a 30% rally in Dogecoin price, causing the largest meme coin to breach the formidable resistance level presented by the 200-day Exponential moving average (EMA) at $0.082. Further north, DOGE tagged above the psychological $0.100 to record an intra-day high of $0.105 before a brief reversal.
The explosion in Dogecoin price saw the DOGE overtake Cardano (ADA) briefly as the seventh largest crypto by trading volume.
DOGE/USD 1-day chart
Nevertheless, the hype has since eased, and the Dogecoin price has shed some of the gains to auction for $0.091 at the time of writing. Regardless, the uptick has provoked a new discussion on whether this could begin a new rally among dog-inspired crypto tokens.
If the breakout for Dogecoin price sustains, it could inspire new hype around dog-themed tokens causing meme coins to rally.
DOGE/USDT 12-hour chart, SHIB/USDT 12-hour chart, BABYDOGE/USDT 12-hour chart
In tandem with Dogecoin price, Shiba Inu (SHIB) and Baby Doge Coin (BabyDoge) prices surged by almost 3% and 5%, respectively.
Nevertheless, some investors have already booked profits, which explains the almost immediate correction.
Took some profit on $DOGE here at HTF resistance. Still have a decent sized bag in case we see a clean break.
— K A L E O (@CryptoKaleo) April 3, 2023
Rotating back into BTC / will add back to the Dogecoin position if we see a decent pullback pic.twitter.com/r3GDE9DlJn
Twitter community reacts to the logo update
The change and Dogecoin price rally has excited further comments from the Twitter community, including DOGE holders and broader market participants. Among the ones that stand out is a post by Coin Bureau, which called out Musk for trolling DOGE.
The way Elon trolls the $DOGE community is God-tier level of trolling
— Coin Bureau (@coinbureau) April 3, 2023
While others are elated about the development, another cohort of traders appears displeased with Musk's promotion of Dogecoin. Bitcoin proponents, for example, perceive the latest move as a "distraction" from the multiple financial perks associated with Bitcoin (BTC).
Elon is contributing to financial illiteracy & wealth inequality.
— Brad Mills ⚡️ (@bradmillscan) April 3, 2023
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. pic.twitter.com/YsZeg8v0cE
While he is not against Bitcoin, Musk is on record claiming that DOGE is better for daily transactions compared to BTC due to its faster base-layer transaction throughput. It is worth noting that the logo update fulfills an earlier conversation where Musk jokingly proposed the need to replace Twitter with a different platform.
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