Elon Musk’s Support for the Meme Coin Continues to Drive its Popularity
Dogecoin, the popular cryptocurrency known for its humorous take on the financial world, experienced a surge of up to 30% on Tuesday as Twitter users noticed their home buttons had been replaced with the Shiba Inu cartoon, which is the face of the Doge meme. The sudden surge in the price of Dogecoin is seen as a response to the news, with some experts suggesting that the shift could be an integral part of Twitter’s transition from a Web2 to a Web3 entity.
Twitter’s Home Button Change and Verification System Update
After Twitter began updating its verification system, some users observed a change in their web browsers’ top left corner. Typically, the home button has a solid blue bird logo, but it had been replaced with a cartoon of the Shiba Inu, which is the face of the Doge meme. While some accounts, such as the New York Times, lost their checkmarks under the “legacy verification” system, others were allowed to keep theirs with a note that they were either Blue subscribers or legacy verified accounts.
Elon Musk’s Influence on Dogecoin’s Popularity
For some time now, Elon Musk, who is the CEO of Tesla and SpaceX, has been an ardent supporter of Dogecoin. He has a history of boosting the value of the dog-themed cryptocurrency by sharing various references and memes about it on his social media feed. Recently, Musk’s influence on Dogecoin’s popularity was once again evident when he posted a photo of an earlier exchange between himself and a Twitter user. In the exchange, the user had urged Musk to replace the bird logo with a doge. Twitter’s CEO also shared a screenshot of the conversation on March 26, 2022, where the anonymous user had made the request. Musk shared this post on Twitter and wrote, “As promised.”
Experts Weigh in on Dogecoin’s Price Movement
According to Dhruvil Shah, who is the SVP Technology at Liminal, the price movement of DOGE is primarily influenced by news and speculation. However, with Elon Musk’s vocal support for the meme coin, it’s likely that DOGE will see an increase in usage on the Twitter platform. Shah believes that the recent DOGE rally was largely due to Twitter’s decision to replace its logo with the DOGE icon. This move suggests that Twitter might play a crucial role in its transition from a Web2 to a Web3 entity.
Conclusion
The sudden surge in Dogecoin’s price is yet another example of the power of social media in driving cryptocurrency prices. The popularity of Dogecoin is largely due to its viral meme status and the backing of influential figures such as Elon Musk. With the increasing interest in Web3 and the potential for cryptocurrencies to play a significant role in this new paradigm, it will be interesting to see how Dogecoin and other meme-based coins evolve in the coming months and years.
Disclaimer
The information presented in this Blogpost is solely for educational and informative purposes and should not be misconstrued as investment, financial or legal advice. Cryptocurrencies are a highly unstable and speculative market and their worth is susceptible to substantial fluctuations. Therefore, it is advisable to conduct personal research and seek counsel from qualified experts before making any financial decisions.
