- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.