Dogecoin Skyrockets After Elon Musk’s Twitter Logo Change
Crypto enthusiasts witnessed a sudden surge in Dogecoin’s price, as it climbed more than 30% after Twitter CEO, Elon Musk, replaced the company’s blue bird logo with an image of a Shiba Inu, the digital coin’s symbol. Musk, a long-time advocate of Dogecoin, has been known to cause price volatility with his tweets.
However, changing the company’s logo to a “Doge” is a larger step than he has taken in the past, in his vocal support of the cryptocurrency that began life as a joke.
Elon Musk has changed Twitter’s logo to an image of a “Doge” and tweeted a screenshot of a tweet asking him to do so.
As the seventh-most valuable cryptocurrency after leapfrogging Litecoin in its latest surge, now boasting a market cap of over $13 billion, Dogecoin has attracted significant attention from investors.
If you’re wondering whether now is the right time to buy Doge instantly, read on to learn more about the recent events surrounding this meme-based crypto.
Elon Musk, Tesla, and Dogecoin: A powerful combination
Musk’s support for Dogecoin extends beyond social media messages, as two of his other companies, Tesla and the Boring Company, are also mentioned in a $258 billion lawsuit that accuses Musk of manipulating Dogecoin’s price.
As the legal battle unfolds, the question of whether to buy Doge remains at the forefront of many investors’ minds.
Tesla’s Involvement with Dogecoin
In December 2021, Tesla announced that it would accept Dogecoin for some merchandise, leading to a price increase of more than 20%. When Musk revealed in January 2022 that Dogecoin payments were live, the cryptocurrency’s value jumped as much as 15%.
Today, Tesla still has digital assets on its books, including Bitcoin and Dogecoin, which it accepts as payment for select merchandise. During an earnings call last year, Musk confirmed that Tesla still held its Dogecoin and had not sold any of it.
Musk’s personal investment in Dogecoin further cements the connection between the billionaire CEO and the digital currency. In a recent tweet, Musk simply wrote “Dogecoin” in response to a photograph of himself with News Corp. Chairman Rupert Murdoch.
Buy Doge: Is now the right time?
With the recent surge in Dogecoin’s price and its strong backing from influential figures like Elon Musk, investors might be considering whether to buy Doge instantly.
While the cryptocurrency’s value can be unpredictable and subject to rapid fluctuations, its growing acceptance and adoption by major companies like Tesla indicate that it may have potential for future growth.
However, investing in cryptocurrencies, especially those as volatile as Dogecoin, comes with inherent risks. Potential investors should conduct thorough research and consider their risk tolerance before deciding to buy Doge or any other cryptocurrency.
The recent spike in Dogecoin’s price following Elon Musk’s Twitter logo change has once again put the spotlight on this unique cryptocurrency.
As the digital coin continues to garner attention and support from influential figures and companies, many investors are left wondering if now is the right time to buy Doge instantly.
While its future remains uncertain, Dogecoin has undoubtedly carved a niche for itself in the world of cryptocurrencies that warrants a place for Doge in the wallet of any true crypto enthusiast.
As always, this article does not constitute financial advice. You should be sure to do your research and consult a professional financial advisor before making a major investment decision.
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