The price of Dogecoin spiked higher by more than 15% Monday after the iconic Shiba Inu symbol took over the outdated blue bird at the top of Twitter, but only for desktop users. Dogecoin price briefly broke above the $0.10 level before giving back some of its gains.
Dogecoin now lives on Twitter
Twitter owner Elon Musk previously tweeted it would be “sickkk” if he were to acquire Twitter and change the old bird logo to one of the Shiba Inu dog. The move took place on Monday although the crypto and social media community were quick to notice.
Of course, there is no fundamental reason for Dogecoin to spike higher. But the logo switch is reason enough for the meme coin to rally.
Dogecoin price target
Popular crypto expert MMCrypto commented “just for the fun of it” Dogecoin has a path to trade north of $0.20. He does acknowledge that trading Dogecoin is fun but nothing investors should take too seriously. I suggest you watch the full video below if you are indeed interested in buying Dogecoin.
MMCrypto is indeed right. Dogecoin can double from here and hit his price target or it can just as easily fall lower. Do keep in mind Musk just days ago requested a US judge throw out a $258 billion lawsuit related to accusations of him running a scheme to push Dogecoin’s price higher.
In the meantime, we can enjoy the plethora of memes the Twitter and crypto communities are sharing.
Here are some of my favorites.
The post Why did Dogecoin spike? Because of the Twitter logo, obviously appeared first on Invezz.