Twitter users were in for a surprise on April 3rd, as the social media giant changed its blue bird logo to that of the Dogecoin symbol. Shortly after the change, the CEO of both Twitter and Tesla, Elon Musk, posted a meme tweet, sending the price of Dogecoin soaring to a four-month high.
The popular meme-inspired coin rose by 25% in just 24 hours, reaching a major resistance level of $0.1026, according to the data CoinMarketCap. The trading volume during this period also saw an incredible surge, skyrocketing by 432.06%, and the market cap rose by 25.36%.
Multiple times in the past have shown that Elon Musk’s tweets about the mem coin significantly impact its price. Throughout 2021, Musk has promoted the cryptocurrency with catchy slogans such as “Dogecoin is the people’s crypto.” He has even gone so far as to refer to himself as the “Dogefather.”
It is not the first time Musk has shown his love for dogs. Last year, his electric vehicle company, Tesla, launched a new line of whistles inspired by the Cybertruck series. He even posted a picture of a dog as the CEO of Twitter.
Musk’s Tweet Sparks Frenzy Over Doge Icon
Shortly after the Twitter icon change, Musk tweeted a meme, and the image depicted a traffic police officer checking Twitter’s license while a dog sat in the driver’s seat. This tweet made the Twitter community frenzy, with many users posting interesting images about the Doge icon.
Even other meme-inspired cryptocurrencies got in on the action. The team behind Floki commented that their coin was doing a pretty good job as CEO, while BabyDogeSwap commented that the tweet tweet had now become woof woof.
While some users were initially confused by the new icon, others embraced it, with one person saying, “Thought I was being hacked, but the Dog is growing on me.” Others joked about finally making some money from their Dogecoin holdings, with one user exclaiming, “Wow! I finally made $0.69 from my 10 $doge holdings!!! BEST DAY OF MY LIFE!!!”
It seems that Musk’s love for dogs and his ability to create hype on social media platforms has once again worked in favor of the meme coin. With the social media giant’s estimated millions of monthly active users and visitors now seeing the dog icon, it will be interesting to see how this impacts the cryptocurrency’s price in the long run.
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