After Elon Musk changed his Twitter icon to the famous “Doge” meme, Dogecoin (DOGE) experienced a 25% pump in value. The main Twitter logo featuring a bluebird suddenly became an image of the meme. As a result, DOGE/USDT gained more than 25% in just one hour. Check out Dogecoin’s live token price right now!
In another move that has driven up Dogecoin’s (DOGE) value, Elon Musk has changed Twitter’s logo to feature the famous Doge meme. Users logging in to Twitter will now see the Doge icon on the loading page, as well as in the upper left corner of the desktop browser, replacing the previous bluebird icon. Even the login page has been updated with a massive picture of Doge in place of the bluebird that used to appear.
Prior to this change, DOGE was trading at $0.076 early Monday. However, the cryptocurrency’s value skyrocketed after the Twitter logo change. In response, Musk posted a meme on his Twitter account. At the time of writing, it was trading at $0.09969, just a tad shy of $0.1000.
Negative Market Sentiment on Dogecoin Pump
Despite Elon Musk’s latest promotion of Dogecoin, some Bitcoin enthusiasts view it as a “distraction” from the numerous financial advantages that Bitcoin offers. In particular, they see it as promoting “degenerate get-rich-quick crap” instead of endorsing the principles of Bitcoin as the “people’s money,” as tweeted by bradmillscan on Monday.
Although not against Bitcoin and cryptocurrency in general, Musk has often adopted a lighthearted approach to the industry. Furthermore, he and Dogecoin creator Billy Markus have shared a similar perspective. In December 2021, Musk agreed with Markus that Bitcoin probably doesn’t have the ability to revolutionize the financial system as bullish proponents believe, and that’s why he is “pro-Doge.”
Furthermore, Musk has stated that Dogecoin is more suitable for daily transactions than Bitcoin, citing its quicker base-layer transaction throughput.
What is DogeCoin (DOGE)
Dogecoin is an open-source cryptocurrency with a unique founding based on the popular meme of the yellow Shiba Inu. It runs on the DogeCoin blockchain. It is an adaptation of the Bitcoin Core that uses the proof-of-work consensus protocol and Scrypt encryption technology. Here is a quick guide on how to buy Dogecoin!
Conclusion
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