Bad move for Dogecoin (DOGE), betrayed by Twitter and Elon Musk

A little ride and then go away – If you have been following the news of the cryptosphere in recent days, it is unlikely that you have missed the buzz on Twitter who took for logo the smiling Shiba dog of Dogecoin (DOGE). The change, however, will have been of short timejust like the upturn in DOGE courses – because the blue Bird has already chased the crypto-canid and taken its place.

Dogecoin logo from Twitter: it only lasted a few days

As usual, the whimsical Elon Musk managed to make a splash by making replace this April 3, 2023 the blue bird logo of Twitter by the famous mascot of Dogecoin : a Shiba Inu dog with a devastating smile.

Some have it well enjoyedbecause this inevitably has created a pump suddenly in DOGE prices. the trader Tree of Alpha thus pocketed $1 million in 30 minutes following the change of Twitter logo.

But the dog party will have been briefsince barely 3 days after this new highlighting of Dogecoin, the logo at the blue bird is already back. More dog friendly Shiba on the horizon. And the end of “The Musk Effect” it is also felt on the courses of the memecoin.

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DOGE down 22% since Elon Musk buzz

If the price of dogecoins had literally exploded at the time of the change of logo, +36% in the minutes following the appearance of the iconic dog Shiba, a good part of this increase was deleted since.

Indeed, as can be seen on the graph below from TradingView, after a peak near 10.5 cents dollar, the DOGE fell back to around 8.2 cents dollar at the time of this writing. If it’s still better than the 7.7 cents before the buzz, it still represents a decrease of -22% since April 3.

The price of Dogecoin against the US dollar (Binance, 4h candles) – Source:

Elon Musk definitely put the Dogecoin logo on Twitter like a snub has his accusers claiming 258 billion from himfor the “Ponzi” what would the memecoin be. The Dogecoin blockchain network, although started as a crypto-joke aping bitcoin (BTC), has been able to build a real community around her smiling dog Shiba. If the DOGE project does not correspond to the definition of a Ponzi (which Musk would not have created anyway), it must be recognized that an accusation in market manipulation would be much more acceptable, given the effects pump & dump » that the billionaire tends to create.

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