Elon Musk Manipulates Dogecoin (DOGE) Through Twitter

Lois Zaytsaw
Lois Zaytsaw Crypto
3 Min Read

If you’ve been monitoring the cryptosphere headlines over the last few days, you might have missed the buzz on Twitter that adopted Dogecoin‘s smiling dog Shiba as its logo. But, the shift, like the increase in DOGE values, will be short-lived because the blue bird has already pursued the cryptocurrency and reclaimed its position.

Elon Musk Created a Stir

Elon Musk, as usual, created a stir by having the blue bird emblem of Twitter changed on April 3, 2023, by the iconic mascot of Dogecoin: a Shiba Inu dog with a wide smile. Several people took advantage of this, as it undoubtedly resulted in a rapid increase in DOGE prices. As a result of the Twitter logo change, the Tree of Alpha trader made $1 million in 30 minutes.

Nevertheless, the canine celebration will be fleeting, as the blue bird emblem has returned just three days after this new Dogecoin feature. More dog-friendly Shibas are on the way. The termination of the “Musk effect” is also felt on the memecoin’s path.

elon musk manipulates dogecoin doge through twitter 2

DOGE is Surging at Elon Musk’s Whim

The price of DOGE surged at the time of the logo change, by +36% in the minutes after the introduction of the iconic dog Shiba, but a large portion of that boost has now been wiped. Indeed, as shown in the statistics, the DOGE has dropped down to roughly 8.2 cents at the time of writing after peaking at over 10.5 cents. Assuming it remains better than the 7.7 cents before the hype, that marks a -22% decline since April 3.

Elon Musk surely used the Dogecoin emblem on Twitter to taunt his critics, who claimed 258 billion for the “Ponzi” that is the memecoin. Although it began as a crypto-joke aping Bitcoin (BTC), the Dogecoin blockchain network has managed to develop a genuine community around its smiling dog Shiba. If the DOGE project does not meet the criteria of a Ponzi scheme, it must be acknowledged that a charge of market manipulation would be far more acceptable, given the billionaire’s penchant for “pump-and-dump.”

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Lois Zaytsaw
By Lois Zaytsaw Content Editor, Financial Writer
Meet Lois, a dynamic Crypto, Blockchain, and Finance Writer/Journalist based in the bustling metropolis of New York City. With a passion for technology and a keen understanding of finance, Lois has been covering the latest developments in the world of cryptocurrency and blockchain for several years. Her insightful articles have been featured in numerous leading publications, including The Wall Street Journal, Bloomberg, and CryptoBriefing. Lois' fascination with blockchain and cryptocurrency began during her time as a student at university, where she studied economics and computer science. She was drawn to the disruptive potential of blockchain technology to revolutionize the traditional financial industry, and since then, she has been following the latest trends and innovations in the space.
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