What is Elon Musk playing at? That’s what Twitter users are wondering, as they saw the iconic blue logo transformed into an image of the same Doge. An element that has not escaped the attention of investors: the price of Dogecoin has indeed soared.
Elon Musk makes the price of Dogecoin rise (again)
It’s been a while since Elon Musk has been having fun with his favorite cryptocurrency, Dogecoin. But in recent months, there was a sense that the “Elon effect” was tending to wane, and that the whimsical billionaire was having less influence on the DOGE price. Until now? Twitter’s CEO has indeed just blown up the cryptocurrency, with what appears to be a joke.
The logo of the social network has indeed mysteriously transformed, and it is now the same “Doge” well known to fans of the cryptocurrency of the same name. The effect was immediate on its price, which exploded upwards:
The price of DOGE has jumped above $0.10 since yesterday
Dogecoin saw its price rise by +37% in the space of an hour and a half. Since then, it has fallen slightly, but the cryptocurrency still shows +26% over the past 24 hours. This surge has pushed it back up to eighth place in the ranking of the most capitalized cryptocurrencies of the moment.
What is Elon Musk playing at?
The billionaire is as usual evasive and ironic on his Twitter account. He seems to justify the change of the Twitter logo by an exchange with a member of the community “Wall Street Bets”:
As promised pic.twitter.com/Jc1TnAqxAV
– Elon Musk (@elonmusk) April 3, 2023
We won’t know more for now. The billionaire just showed that he still has enough clout to artificially create a “pump” of a cryptocurrency. At a time when US regulators are showing their teeth, could pump and dump accusations be coming to Musk? It’s hard to see that happening at the moment, as the billionaire seems untouchable.
