Dogecoin has posted a daily gain of 27% since Monday evening. The reason for the momentum is the appearance of the DOGE symbol in a prominent place on Twitter and a tweet from “Dogefather” Elon Musk.
The sometimes seemingly absurd love affair between multi-billionaire Elon Musk and Dogecoin (DOGE) is writing a new chapter: Yesterday (Monday, April 3rd)) evening, the price curve of DOGE shot up by 20% within just one hour and was subsequently able to confirm the upward trend, 27% daily increase is the result. This makes Dogecoin the winner of the trading day. The trigger for the momentum was Elon Musk, as well as the short message service Twitter, which has been taken over by him.
Because suddenly the symbol of Dogecoin appeared prominently on the start page of Twitter. Where previously Twitter’s actual trademark – a bluebird – was emblazoned, now a Shiba Inu can be seen, the dog breed with which DOGE publicly associates its identity.
A little later, Musk followed up by posting a cartoon image of a Shiba Inu talking to a traffic cop defending his driver’s license photo. That’s because it still features the bluebird from Twitter – but the Shiba Inu says, “That’s an old photo.” These two allusions to Dogecoin were enough to help DOGE make his impromptu rally.
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The background: the Dogecoin community hopes that Musk will allow DOGE to be used as a payment method on Twitter
Musk, one of the three richest people in the world, began touting Dogecoin as his “favored cryptocurrency” back in 2019, laying the groundwork for a flurry of hype. In Musk’s companies like Tesla and SpaceX, DOGE is already being adopted as a means of payment for fan merchandise.
But advocating Dogecoin has also landed Musk in a lawsuit, in which a private plaintiff accuses him of forming a pyramid scheme, according to U.S. media reports. Musk categorically denies this accusation.
Bottom line: Dogecoin is pumping – “Dogefather” Elon Musk into his element
Introducing Dogeceoin to Twitter as a payment method would be a big step, especially now that the short messaging service is making some formerly free features payable. So the current enthusiasm on crypto exchanges for DOGE is understandable, the pro-Dogecoin symbolism on Twitter speaks clear language.
However, anyone familiar with the often erratic Elon Musk also knows: tweets from him are sometimes intended as a provocation and he tends to make sudden about-turns. Just a month ago, investors got the feeling Musk had lost interest in Dogecoin. DOGE’s current high for the year, driven by Musk and Twitter, seems to prove otherwise.
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