Last Tuesday, Twitter changed the logo on its website from a bird to a dog found on the dogecoin coin. Twitter’s move boosted the coin by more than 20% that day, but since then the coin has managed to lose all of its gains. With the change, Musk posted on his Twitter page a tweet from last year, even before he bought Twitter, in which he told his followers that he would one day like to replace the company’s logo with a Shiba Inu dog.
Many spikes so far in the price of dogecoin have followed one tweet or another from Elon Musk who is known for his sympathy for the currency. In the end, Musk’s tweets led him to a lawsuit in the amount of about a quarter of a billion dollars from investors in the currency who lost their money, it is possible that many investors will support them after the current drop.
According to an examination, two of the largest wallets that held Dogecoin coins sold 1.4 million coins during the last increase and now suspicions are rising that the wallets are associated with Musk. The value of the coins sold is about 100 million dollars and if it’s not Elon Musk, someone probably already understood the joke and decided to make money from it while they can.
Since 2021 it is possible to give a “tip” to tweeters on Twitter in Bitcoin and the hope of many investors in the currency was that Musk would also integrate Dogecoin in the process. The latest change in the company’s logo was seen as a preliminary step to the integration of the currency within the social network, but now it seems that it may have simply been a belated April Fool’s joke.
Dogecoin is a “mm” currency, one that has no real meaning or use and was created as a joke, apparently Musk is his only chance of getting some use that can raise the price. Since its peak in May 2021, the coin has lost about 85%, more than most of the leading cryptocurrencies, and in the last three months it has risen by only 14%, while recording an increase of 65%.
Comments to the article(0):
Your response has been received and will be published subject to system policy.
Thanks.
for a new comment
Your response was not sent due to a communication problem, please try again.
Return to comment