- Elon Musk jokingly changed Twitter’s logo to a Shiba Inu dog, the same breed that inspired Dogecoin, caused a major stir in the cryptocurrency world.
- A Dogecoin whale, one of the biggest holders of the cryptocurrency, sold 650 million DOGE, worth $61.3 million, which ignited curiosity and speculation about the seller’s motive.
- The sale caused Dogecoin’s price to surge by 26%, putting it in the top 100 cryptocurrency rankings, but the long-term impact of the sell-off and Musk’s logo meme remains to be seen
In a bold but satirical move, the CEO of Twitter, Elon Musk, uploaded a meme that showed the social media platform’s logo as a Shiba Inu dog. The same breed inspired the creation of the wildly popular cryptocurrency, Dogecoin.
Following the suspected “leaked” logo change, some intriguing developments occurred in the Dogecoin world. A Dogecoin whale, who held a considerable amount of the cryptocurrency, reportedly sold 650 million DOGE, worth around $61.3 million at the time of the transaction.
According to reports, the seller was the fifth biggest holder of DOGE, and their decision to sell such a large amount of the cryptocurrency aroused curiosity and speculation among users.
As news of the sale spread, the price of DOGE started to climb. At the time of writing, it was trading at $0.099, up 26% in the last 24 hours, and secured seventh position in the top 100 cryptocurrency rankings.
Initially, Musk remained silent, which only added fuel to the speculation. However, the Tesla CEO eventually broke his silence, tweeting a post that referred to some of his older tweets where he had joked about changing the DOGE logo.
The move by the Dogecoin whale to sell such a substantial amount of cryptocurrency has undoubtedly caught the attention of the cryptocurrency community. Some speculate that the seller may have been motivated by the logo change, while others believe it could be a sign of a more significant trend in the cryptocurrency market.
Dogecoin has garnered a significant following, with proponents continuing to rally support behind the meme-inspired cryptocurrency. It remains to be seen how Musk’s logo change and the recent sell-off will affect the future of Dogecoin. However, the cryptocurrency world will continue to be unpredictable and, in some cases, downright bizarre.
Elon Musk Still a Strong Influence on Dogecoin
Due to his frequent tweets about Dogecoin, the eccentric billionaire has become the face of the meme token. Many credit Musk’s tweets for raising interest and investment in Dogecoin, leading to a surge in its value.
With tweets ranging from memes to comments emphasizing Dogecoin’s potential, Musk’s influence on cryptocurrency’s price is undeniable. As a result, the Tesla CEO has faced criticism for manipulating the market.
While Musk’s tweets about Dogecoin are often met with excitement and curiosity, they also foster controversy. Critics argue that it is unfair for Musk to wield this influence through social media. However, supporters of the billionaire entrepreneur insist that he is flexing his free speech and expressing his opinions like anyone else.
