Twitter, a social network that has dog – And it’s not Elon Musk who will say otherwise. Accustomed to canine pirouettes since his discovery of the canine token in 2020, the boss of SpaceX has since ceased to praise its merits. Last night the DOGE took to Twitter and replaced the iconic blue bird. Decryption.
Doge, the new Twitter star
Thing promised, thing due! We might think that we are the ones influencing the own decisions of the SpaceX boss. It must be recognized, however, that he has the art of listening to his community while doing what he likes. Still, the takeover of Twitter and the change of its logo would have been blown to it last March by an Internet user during a Twitter conversion.
SO, simple ephemeral prank or future rebranding for the long term? Only Elon Musk knows that. Nevertheless, this sudden and brutal transition surprised more than one Internet user last night. Twitter’s blue bird has been replaced by the figure of this little Japanese dog, the shiba inus. Token symbol Doge, the little favorite of the eccentric Elon Musk. On the Twitter version on PC, the logo of this little dog is now present at the top left above the menu and appears surreptitiously when loading the page.
It was enough for all the robots and algorithms first, then all the investors in full FOMO in a second step, make the price jump. +37% in a few hours, going from $0.077 to $0.1 per unit. A unprecedented performance in this period of bear market and price stagnation. Now that the rise has passed, great caution is required regarding your investments in this token, the price of which could very well fall.
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Buy Doge, Ponzi or good deal?
Through the previous bull run, Elon Musk kept pushing the Doge token, multiplying its adoption and the price of its course exponentially. In November 2020, the DOGE was worth $0.0027. At its peak in May 2021, 6 months later, the Doge reached $0.66 almost the symbolic $1. More than 25000% increase either a multiplication of the investment by 250. The price of the Doge then fell during this bear market to $0.06 the unit. But Elon Musk has not said his last word and, after remaining silent for a long time, once again puts the cover.
This shows the aura that Elon Musk has on his community. Especially when you know that this token is nothing but a simple joke created in 2013 by Billy Markus. The original idea was to poke fun at a trend that was emerging at a time when only Bitcoin still mattered: the appearance of new, often meaningless cryptos.
Dogecoin, a fake joke that plays with appearances?
This little canine prank has come a long way since then. It even becomes, ironically, one of the most resilient (but very volatile) cryptos on the market, while many of its counterparts have long since disappeared. throughout the bear markets. The Doge has even become the standard-bearer of a category of cryptocurrencies quite apart: the memes. An Army of New Cryptos, especially appeared during the last bull run. And whose lexical field relates, you guessed it, to our faithful friends the canids.
No illusions, however, about the prospects of enrichment via Elon Musk’s cryptocurrency. Indeed, the adoption is such that our faithful friend now rivals the biggest cryptocurrencies on the market. The Doge is 8e of the crypto ranking on Coinmarketcap with a capitalization of $12 billion. To hope for a good multiple, it will therefore be necessary for astronomical amounts of money to pour into the token. Even if we can count on Elon Musk and his canine pranks to keep us entertained, and push the price up, there’s no point in hoping for the next x250 by betting on the Doge. Unless this one overtakes Bitcoin ?
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