Here’s Why Dogecoin (DOGE) is Up 30% in the Past 24 Hours
Dogecoin (DOGE), the seventh-largest cryptocurrency by market cap, has been on an upward trend in the last 24 hours. The latest surge in DOGE value can be attributed to Elon Musk’s decision to replace Twitter’s traditional bluebird logo with Dogecoin’s picture.
Elon Musk Uses DOGE as Twitter’s Logo
The American billionaire and Twitter CEO recently changed the platform’s logo to Dogecoin’s icon. As a long-time fan of DOGE, Musk’s move once again pumped the meme coin’s price.
In a tweet, the Dogefather mentioned that he had fulfilled his promise before he bought Twitter for $40 billion. Musk acquired the social media platform last year after going back and forth with the agreement.
With the recent development, the bluebird picture displayed on the icon used to return to Twitter’s homepage on a desktop browser, and the login page has changed to an image of DOGE.
The meme coin was trading at $0.076 before Tweeters noticed the change and then pumped to $0.105 as the news spread, according to data from Cryptocurrenciestowatch.com.
A Positive Outlook for Crypto
Although it remains unclear if the logo change is permanent, the news sparked a lot of optimistic comments on Crypto Twitter.
Johnny Lyu, the chief executive officer of Seychelles-based crypto exchange KuCoin, said: “#Dogecoin has paved the way for the growth of meme coins. Excited to see that the developments in the crypto ecosystem are promising, with a positive outlook for growth. Today, we witness meme coins blooming. Who will be next?”
Several crypto traders indicated they were capitalizing on Dogecoin’s activity and amassing profits, while other enthusiasts cheered the change.
In addition, the prices of DOGE-related tokens, including Shiba Inu, Baby Doge Coin, Doge Killer, and Dogelon Mars, all pumped alongside Dogecoin’s rally.
Meanwhile, not all users were happy about the change as they saw the meme coin’s promotion as a distraction from the benefits that Bitcoin provides.
One @bradmillscan said Musk was contributing to wealth inequality and financial illiteracy through his actions.
“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,” he stated.