Dogecoin Surges as Elon Musk’s Halloween Tweet References DOGE

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Dogecoin (DOGE) surged on November 1st as Elon Musk Tweeted a Shiba Inu dog with Twitter’s shirt for Halloween. This is not the first time that Elon Musk tweets about Dogecoin or makes reference to it. CoinGecko reports that DOGE surged 25% in the last 24 hours and its price surpassed $0.145, the highest price since May 2022. 

Elon Musk Tweets About Dogecoin and DOGE Surges

Elon Musk surprised everyone by tweeting on Halloween night about Dogecoin when he tweeted a Shiba Inu dog wearing a shirt with the logo of Twitter. This comes exactly a few days after he took over Twitter and where there could be new changes to the whole social media network. 

The cryptocurrency community has many times followed what Elon Musk did on social media networks. His influence on the crypto market, especially on Doge, has been many times questioned, as he can easily affect the price of this digital currency. In the Tweet that he posted a few hours ago, he didn’t write anything. He only posted the picture of a Shiba Inu dog wearing a shirt with Twitter’s logo and an emoji. 

This has clearly triggered large purchases of Dogecoin in most crypto exchanges. Dogecoin has also reached the top 5 digital assets when it comes to trading volume. Indeed, it has reached a total trading volume of $8.18 billion in the last 24 hours. Dogecoin comes right after Tether (USDT), Bitcoin (BTC), Ethereum (ETH), and Binance USD (BUSD).

This shows that there has been a large interest in DOGE. Considering that Elon Musk is Tweeting about DOGE and Twitter, there could be new investment possibilities to speculate on the price of this virtual currency. In the future, Twitter could add new features and integrate better with Dogecoin. Nevertheless, this is something that Bitcoin maximalists complain about. 

While the former CEO of Twitter Jack Dorsey considered that Bitcoin should have been the currency of the internet, Elon Musk insists with Dogecoin becoming a more reliable and relevant digital currency in the crypto industry. Let’s not forget that Dogecoin is considered to be a meme cryptocurrency such as Shiba Inu (SHIB).

Over the last 7 days, Dogecoin registered a price increase of 144%. Shiba Inu, instead, followed behind with a price increase of 30.6% during the last week and a price increase of 10% in the last 24 hours. 

Some users were even joking that Twitter should change its logo from a bird to a Shiba Inu dog, making reference to Dogecoin and the support that Elon Musk gives to this digital currency. 

Therefore, we could expect new tweets from Elon Musk about Dogecoin in the future. Short-term traders will be focused on using the opportunity to trade DOGE as there will likely be an impact with Elon Musk’s tweets in the future, even if he does not say anything about DOGE or other virtual currencies. 

Jonathan Gibson

Jonathan Gibson