Dogecoin Surges 25% in Less Than an Hour – Here is Why

Dogecoin, a popular cryptocurrency based on the internet meme of the Shiba Inu dog, saw a surge in value on Monday.

The price surge happened after Twitter replaced its Twitter bird logo with the DOGE meme.

The inclusion of the mascot caused the price of Dogecoin to rise by more than 25% to more than $0.10 in less than an hour, according to CoinMarketCap.

Elon Musk, the CEO of Tesla and a long-time supporter of Dogecoin, tweeted an image apparently acknowledging the buzz around the move.

pic.twitter.com/wmN5WxUhfQ

— Elon Musk (@elonmusk) April 3, 2023

Musk has a history with Dogecoin, having referred to it as his favorite cryptocurrency and frequently tweeted about it in the past.

The new Dogecoin mascot of Twitter is the latest chapter in the relationship between Elon Musk and the cryptocurrency. Tesla has previously admitted to holding Dogecoin as well as Bitcoin, with Musk stating during an earnings call that “We have not sold any of our Dogecoin; we still have it.”

The token has seen a surge in popularity in recent years, with Musk’s support contributing to its rise in value.

Tesla and SpaceX have both accepted Dogecoin as a form of payment for merchandise and the Boring Company, another of Musk’s ventures, has committed to accepting it as a payment method for using its Vegas Loop transit system.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.