Yesterday, the ICON in the upper left corner of the Twitter webpage suddenly changed from a blue bird to a meme Shiba Inu in Dogecoin. Musk once again raised the price of Dogecoin, and funds rushed into the market to speculate, driving the price of the currency to soar by 30% in a short period of time, from 0.07 to 0.07. $0.1, a funding party was held in one day, and Musk also tweeted to promote this funny operation, but it was a bit surprising that it didn’t happen on April Fool’s Day.
In the short term, this kind of meme operation belongs to Pump and Dump. If there is no accident, it usually falls quickly. This time the skyrocketing is because Musk really replaced the Twitter ICON with Doge. Thanks to Musk’s privatization of Twitter, If it is the original listed company, I am afraid that it will be scolded by shareholders again, and the company’s internal control system will not allow Musk to do so. Assuming that Musk does not come up with new hype themes, Dogecoin will soon fall again.
This time traders were also quite cautious. After pushing Dogecoin up to $0.1, they turned to profit-taking and stopped chasing the price. Dogecoin was subsequently revised down to $0.09, a drop of about 10%. This correction is still ongoing. The trend depends on whether Musk will post another Doge meme tweet in the next few hours.