DOGE/USD: Twitter Logo Seemingly Changed to Doge Meme Causing Dogecoin Rally
- Dogecoin has rallied since the start of the week after Twitter replaced its logo with the ‘doge’ meme image.
- Elon Musk and Tesla have been accused of running a pyramid scheme to inflate the price of DOGE.
- Tesla however has not sold any of its Dogecoin since it was purchased.
On Monday, Twitter users were shocked to find the profile picture of the company’s official account had been changed to a picture of the ‘doge’ meme – the mascot of the Dogecoin cryptocurrency. Within a few hours of the change, the price of DOGE began to tick upwards and has risen by more than 23% since the start of the week.
DOGE holders are speculating that Elon might have new plans in store for his continued advocacy for the memecoin. Dogecoin has also enjoyed renewed crypto market optimism in 2023, with a 38% rally since the start of the year.
What began as a joke in 2013, has evolved into one of the most high-profile cryptocurrencies in existence. Over the years, Dogecoin (DOGE) has rocketed to a market cap of around $13.7bn and has consistently high volatility. But in recent years, Elon Musk's influence over the currency has been in the spotlight.
The eccentric billionaire has integrated the crypto currency into the Tesla store and the SpaceX store, and has been a proponent of the asset for some time now. Since taking over Twitter, Musk’s influence over its price is perhaps more pronounced than ever.
Twitter’s less-than-subtle nod to Dogecoin isn’t as randomly timed as some might think. Musk is currently embroiled in a lawsuit seeking an eye watering $258bn in damages, alleging that both himself and his EV company Tesla ran a pyramid scheme to inflate the price of DOGE.
His defense however has asked for the judge to throw the case out, on the basis that Tweeting images related to a cryptocurrency is not unlawful. Tesla has also stated that it has not sold any of its DOGE since it was purchased – which could further weaken the case against the company.
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Here come the DOGEsMake no mistake: the hype for dog themed sh*tcoins is not dying down – not even in the slightest.
- Dogecoin, Shiba Inu and a new token called Bonk, accounted for $25bn worth of trading volume over the past month – demonstrating that dog-themed coins are very much still in vogue. Shiba Inu also has its upcoming Shibarium network, causing increased volume in the token.
- Perhaps most impressively, Bonk (a new Solana-based memecoin) managed $7.2bn in trading volume, despite the project only having launched a month ago. The success has caused Solana’s native token SOL to rally by over 112% since the start of the year.
- Dogecoin remains the most popular dog-themed coin by far – representing $17.5bn worth of trading volume over the past month. Despite the impressive volume however, DOGE is still down by over 75% since its all-time high in May 2021.
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Working like a DogeWhile other cryptos contemplate how to get out of the slump, Doge is keeping its tail wagging with a little help from Elon Musk.
- Popular meme token Dogecoin surged by 28% last week as most other tokens continued on a sideways trend. The market’s still shaken by the collapse of FTX earlier this month, and it’s looking fairly likely that more sell-offs could be on the way.
- The price surge might have something to do with a tweet by influencer David Gokhshtein hinting at the possibility of Technoking Elon Musk working to improve the ecosystem and bringing increased DOGE integration to “Twitter 2.0”.
- Speaking of Twitter, Elon’s got some grand plans for improving the social media platform. He’s trying to position the platform as “the everything app”, with encrypted DMs and longform tweets potentially soon to be added. Although given how well the changes to the verification system went, we won’t hold our breath.
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The good Doge days continueDog-themed coins can’t stop wagging their tail with excitement since Elon’s Twitter acquisition. Will the gains continue, or will they fizzle out?
- A slew of dog-themed tokens have been birthed off the back of a tweet by Musk showing a Shiba Inu sporting a Twitter t-shirt. “dogenaldtrump”, “spaceTwitterDoge” and “elonDogeTwit” were just some of the tokens, some of which dropped 90% just hours after being created.
- As would be expected, the tweet launched Dogecoin into a rally, jumping by 23% after the tweet was posted. The excitement also spread to other existing ‘dog-tokens’, including SHIB which gained 8% and FLOKI which jumped more than 20%.
- DOGE has been reaping the benefits of Elon’s Twitter-saga, with the token becoming a means of measuring sentiment about Musk’s moves. In the last month, the finalization of his Twitter deal caused the token to more than double in value. The question is, when does the excitement end?
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Everyone wants that doggie in the windowElon’s Twitter deal chaos could be coming to end and no one’s more excited about the potential of his influence than the the doggy HODLers out there.
- DOGE rocketed by 15% on Wednesday amid rumors that Elon Musk’s Twitter deal might soon be coming to a close, which could offer a boost for the crypto’s adoption. Fellow dog-themed token SHIB also joined in the fun with a 7% rally as the whole crypto market keeps its eyes glued to the negotiations.
- Musk’s deal to acquire Twitter has been in the works since April and is (hopefully) coming to a close tomorrow. Not one to avoid drama, Elon was pictured walking into Twitter HQ holding a kitchen sink yesterday – a play on the term ‘kitchen sinking’ meaning to take radical action. Yep, that actually happened.
- It’s not just Elon’s deal pushing up DOGE’s price though. A steadily increasing number of long term HODLers, coupled with miner reserves (the supply of coins sitting in miner wallets) dropping by 65% over the last 12 months has also sent its price ticking upwards. If the deal does go through tomorrow, Dogecoin might need to get used to the high life.
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Every Doge has its dayDogechain’s had its tail wagging all week as investors throw its DC token a bone ahead of a potential token burn.
- Dogechain has been let off the leash over the past week with the price of its DC token gaining 144% on Saturday, and more than tripling in value since last Thursday. The rally for the smart contract platform related to Dogecoin comes after almost three months of steady declines.
- The price increase is being pulled along by a community proposal, which if passed could see as much as 80% of the total token supply destroyed in what’s being called ‘the great burn’. As it stands, 99% of the community are in support, with the project currently sporting a market cap of around $8m.
- Dogechain is seen by some investors as the answer to Dogecoin’s missing utility. DOGE became the second largest proof-of-work chain after Ethereum moved to proof-of-stake, but HODLers have pointed out its limited use-cases. If price action is anything to go off, it looks like Dogechain might offer a solution.
Moving ahead in the PoW packFrom meme-coin to the second-biggest PoW chain in the industry. Crypto may be many things, but boring’s not one of them.
- Dogecoin has become the second largest proof-of-work chain in crypto after Ethereum’s transition to proof-of-stake. The meme-inspired chain’s market cap of almost $8bn puts it far above ETC – its closest PoW competitor with only $4.6bn – feat made even more impressive given ETC’s rising popularity after the Merge.
- Whether it will remain a PoW chain is the question on everyone’s minds, with the case for using PoW dwindling after Ethereum’s (thus far) successful transition. Vitalik chipped in saying that he “hopes Doge can switch to PoS soon, perhaps using Ethereum code.” Will 2023 be the year that Doge starts staking?
- Environmental groups have also been weighing in on the argument. Ethereum’s Merge reduced the world’s energy consumption by 0.2% and The Environmental Working Group, Greenpeace and other agencies have now pledged $1m towards ads urging Bitcoin to follow in Ethereum’s footsteps, with the slogan: “change the code, not the climate.”
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Memecoin? How about a memechainThe newly launched Dogechain has the crypto community wondering once again – legitimate project, or yet another rugpull?
- DOGE has rallied by 15% over the past week as a result of interest in the new Dogechain project launched on Polygon-Edge. It’s marketed as a layer-2 scaling solution but the project is in fact a bridge that allows users to port over their DOGE to receive wDOGE which can be used for participating in DeFi and trading NFTs.
- It’s not, however, affiliated with the creators of Dogecoin according to the Dogecoin Foundation’s clarification on Twitter. It's a completely independent project which also has a native token in the form of ‘DC’, which is planned to be airdropped to DOGE holders. Some $21m worth of tokens have already been traded on the Dogechain network.
- Some people aren't buying this puppy, as it looks eerily similar to several rug pulls that have launched on chains similar to Polygon-Edge like BNB Chain. Co-founder of the decentralized Polygon exchange QuickSwap Roc Zacharias said that this kind of project is “Wild West” because of how easy it is for anyone to launch and market a token.
Kanchanara / Unsplash
Are memecoins a thing again?As crypto enjoys its fourth straight week of gains, hinting at the thawing of the most recent crypto winter, investors are enjoying the risky side of life again.
- Active Dogecoin addresses have boomed by nearly 265% in the last two months alone. It’s possible that the attention is partially thanks to excitement around the release of Dogecoin Core 1.14.6 on July 21, but worth noting that DOGE prices themselves have remained muted despite all that, trading almost completely flat for the last two months.
- Another doggy-themed coin is getting a petting as well. According to WhaleStats, Ethereum whales have been upping their Shiba Inu holdings from $736k to a whopping $5m – up nearly 580% in just 24 hours – but its prices too have been trading at relatively horizontal levels the past few months.
- Is a new altcoin season upon us? Well, some analysts seem to think so after seeing data from CryptoQuant suggest significant on-chain altcoin action by whales across several exchanges in the last few weeks. In addition, a lower-than-expected rate hike from the Fed boosted the entire industry last week, perhaps increasing investors’ risk appetite.
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Doge goes to the groomersDogecoin gets an upgrade to iron out some pesky problems, but it’s not enough hype to lift it above a key line in the sand, price-wise.
- Dogecoin Core 1.14.6 launched on Thursday, fixing security issues, as well as making modifications to its fee structure. On GitHub, a checklist elaborated on some of these changes, helps protect wallet users with upgrades, with the three biggies being: fixing a known Bitcoin vulnerability, making the Dogecoin Core wallet cheaper, and improving wallet protections during upgrades.
- Of course, Elon was on the sidelines cheering his favorite pooch on, tweeting “Upgrades!” – just in case people failed to notice that’s what the press release said. While his influence over DOGE has certainly waned since his SNL appearance last year that marked the top for DOGE, the Tesla CEO confirmed this week that the automaker is still holding all of its Dogecoin.
- DOGE was actually down a morsel-sized 0.3% on Thursday. The token is currently sitting under its 200-week moving average, failing to break through it twice in the last month. Currently, the line in the sand is drawn at $0.0725, but the memecoin will likely need the wider crypto market to continue upwards if it has a chance of crossing it.
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Elon in the dogehouseThis week’s headlines may’ve been dominated by inflation and rate hikes, but it seems Elon Musk’s is well on way to getting #trending title back. Where do we start?
- Elon Musk’s gotten himself on the wrong side of the law, apparently. The Technoking, as well his companies SpaceX and Tesla, have been hit with a $258bn ‘pyramid scheme’ lawsuit over Dogecoin. The meme currency fell 12% on Thursday, now down 92% from its ATH, and Tesla tumbled 8.54% – though that was partly thanks to a report saying the automaker was raising prices.
- They’ve been accused of "promoting Dogecoin to profit from its trading". The self-proclaimed Dogefather was a massive promoter of the coin on social media, even touting payment in Doge for SpaceX and Tesla items, resulting in a dramatic rally for the token last year. The suit essentially claims Doge has no value at all and Elon did it all for lolz. Woof.
- The billionaire also caused a stir at Twitter HQ as well. Addressing employees for the first time since his $44bn bid to buy the company, Elon warned staffers that the business needs to “get healthy” and see a “rationalization of headcount and expenses''. He still seems keen to go ahead with the buy tho, despite shares trading significantly lower than his purchase price rn.
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Whales be manipulatingAfter Elon Musk’s purchase of Twitter, pods of whales are back on the exchanges buying up Doge.
- Transactions above $100k on exchanges have reached a four-month high, with 2.4k recorded earlier this week. This would not be so surprising if Bitcoin and the wider market were making bullish price confirmations and carrying DOGE along with it, but currently, it’s been in a Bart Simpson sorta mood.
- So, why are whales buying now? Well, Elon’s purchase of Twitter could v well lead to an adoption of Dogecoin on the platform, so whales will be wanting to stuff their wallets before a big price move. As the ‘ole crypto adage goes – buy the rumor, sell the news.
- DOGE had the zoomies this week. The canine coin pumped almost 20% on Tuesday, only to fall 13% on Wednesday. It has, however, consistently held its price above $0.10 since its famous April 2021 breakout. With Elon-mania in full swing, whales are probs looking for the next leg up.
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Like a dog with two tailsThe Dogefather bought Twitter, so naturally the Elon Musk-pegged token is absolutely pumping – though not all have been so lucky.
- Dogecoin sprinted ahead by almost 20% on Monday in its best day since mid-December after it was announced that the self-proclaimed Dogefather has spent $44bn on buying Twitter; and related joke-coin Shiba Inu broke its 6-day losing streak on the news. Woof.
- What does it mean for Doge? Well, the community reckons the buyout will mean crypto gets more integrated into the platform, with a likely preference for Doge – that’ll send its utility abilities soaring, probs taking prices along for the ride.
- Meme coins may be chuffed, but some aren’t so excited. The SPAC taking Donald Trump’s Truth Social public (DWAC) saw prices plunge 12% on the news – the app was leaning towards being a right-wing haven, which Twitter could easily become instead now that Elon is at the helm and touting free speech ideals.
The dogs remain on a short leashDOGE is up, which can only mean that the self-proclaimed Dogefather has been getting busy (to say the least).
- DOGE flew up 10% in 45 minutes to reach $0.15 after news that – yep, you guessed it – Elon Musk now holds a 9.2% stake in Twitter, worth around $3bn. It’s Doge’s biggest price move since – oh look, you guessed it again – Elon announced in January that Tesla would accept DOGE payments for merch.
- The meme coin will be pining for a return to its honeymoon period with Musk, who helped raise the coin to a brief and bizarre (even for crypto standards) $0.74 on May 18, 2021. Now the largest outside shareholder in Twitter, Elon could use the social media giant to rekindle the coin’s popularity once more.
- Clearly, Dogecoin still only wags its tail when Elon’s home, though his impact appears to be waning as time goes on. Although the Twitter news may encourage investors, the coin has yet to show any clear sign of breaking its slump downwards from its $0.34 high on Oct 28.
Kanchanara / Unsplash
Doggy themed ATMs on the wayDoggy ATMs are on the way to the US, and no, we don’t mean holes in the wall that dispense puppies – though how cute would that be.
🔍 Key points:
- Doggy-themed meme coin Dogecoin leapt up by nearly 6% on Thursday for its fourth straight day of gains, now up over 13% for the week to be on track for its best week in two months.
- The boost came from the addition of Dogecoin to crypto ATMs. Private fintech company Bitcoin of America “recognized the growing popularity” of Doge and added the token to its 1.8k BTMs (Bitcoin ATMs) across America.
- It probs isn’t a major breakthrough for the coin, but it’s definitely a win and significantly ramps up access to the token. Any move that expands a crypto is gonna be beneficial to the token as it helps legitimize it as a method of financial transaction.
Andre Tan / Unsplash
Doge gets ditched by a core developerDogecoin sells off after “overwhelming stress” leads one of its core developers to leave the project, though news from the Dogefather helps a slight recovery.
- Ross Nicoll will be stepping away from the Dogecoin Foundation in a surprise move that sent Doge down nearly 7% on Thursday. Nicoll said he’d stay on as an advisor but found the stress of being involved fully in the memecoin to be overwhelming.
- It caused much chatter on Twitter from investors who can’t see a path forward for the coin, with some calls to stop buying Doge – rival dog coins like Shiba Inu (SHIBUSD) have been working on plans to enter the Metaverse, and investors want to know when they’ll get a clearer idea of when Doge will up its game.
- News from Elon sent prices on a mild recovery on Saturday. The Tesla (TSLA) boss said that the company's supercharging station will accept Dogecoin as payment, as will its upcoming futuristic diner and drive-in theater.
Memecoin investors stop laughingJoke coins are among last week's biggest crypto losers as the laughter fades away into a sea of red.
- Dogecoin dug its way down 10% in Monday morning trading after sinking 20% last week in its worst seven-day run since September, and Shiba Inu (SHIBUSD) staged its worst weekly sell-off since May with a 26% decrease.
- Speculative assets are getting the sack. While joke currencies were “good examples of speculative excesses” in crypto, the market is being “cleansed of this silliness” in preparation for monetary policy tightening, says Bloomberg analyst Mike McGlone.
- Dog coins aren’t the only jokers sobering up. Both AMC (AMC) and GameStop (GME) saw steep declines last week as investors steered towards safer bets.
Illustration by TradingView
Doge gets a belly rub from PapaSelf-proclaimed Dogefather Elon Musk sends shares spiking with a tweet.
- Dogecoin jumped over 25% in Friday morning trading before dropping back down and closing the day up nearly 7% to cap off a week of 17% gains.
- Musk tweeted that Tesla (TSLA) is now accepting Dogecoin for merch – a step that investors have been keenly waiting for.
- The non-Dogecoiners of the world were not happy. They argue that his favoritism means a joke currency now has more institutional adoption than the OG Bitcoin (BTCUSD).
It’s a Dog(e)fight to the deathDogecoin loses out to crazy crypto community Dogebonk, which just became the first memecoin 'in space'. By hitching a ride on a balloon. We'd already been up there first back in August, but not with a memecoin so, whatever.
- Scrappy underdog Dogebonk launched on a weather balloon to reach 90k feet on Sunday night, beating rival Dogecoin.
- A community-led project on the Binance Smart Chain Network, the currency is only two months old but it’s already made waves, especially through its high-profile public attacks on rival memecoin Shiba Inu.
- “The BonkSquad” claim to be “carrying the torch lit by the original Dogecoin.” But that doesn’t seem to be helping Dogecoin much, which fell 1.5% on Monday.
Dogefather approvalDoge gets a dramatic boost after the Dogefather comes through with a merch deal.
- Doge spiked 24% in a few hours on Tuesday to its highest price since the start of December after an Elon Musk tweet gets the market moving.
- Tesla will accept Dogecoin as payment for some of its merchandise.
- He says Doge is a better option than Bitcoin as a transactional currency, praising the coin in his interview with TIME Magazine for Person Of The Year.