Today, we will examine the change of Twitter’s logo with the DOGE logo and the increases in the price of the asset.
What’s Happening on Twitter?
Many users who logged into their Twitter account yesterday evening could not hide their surprise when they saw the logo change and started to share the screenshots they took. Although many users thought that Elon Musk was delaying the April Fool’s joke, the joke-themed meme token rose sharply at the time, rising more than 22% to as high as 10 cents. Dogecoin last increased to 10 cents in December 2022.
This logo change took place across the platform and is visible to the social media giant’s estimated 360 million monthly active users.
Why Did the Logo Change?
The reason behind the change is thought to be due to a conversation with Elon Musk’s SubReddit manager recently.
The WallStreetBetsChairman username admin referred to Elon Musk by saying, “Replace the bird logo with the dog logo.” Musk replied, “Hahahah, that would be great.”
After the logo change, Musk shared a screenshot of the conversation he had with the SubReddit manager by writing: “As I promised”.
Will There Be Payment With DOGE?
As you know, Elon Musk has been launching the name of Dogecoin frequently lately and has been suggesting that it can offer better payment functionality than Bitcoin. In January, the Financial Times reported that Twitter was designing a system that would allow payments through its social media platform. However, there is no clear information about this issue at the moment. The change seems to be limited to the logo only and temporary.
Dogecoin had previously experienced serious increases with the tweets of Elon Musk. In his latest Halloween post, Musk shared his Shiba dog wearing a Twitter T-shirt. Dogecoin price had risen to 16 cents after this development.
How About the DOGE Litigation?
As you know, Elon Musk has an ongoing lawsuit regarding Dogecoin. Investors filed a lawsuit against Musk in the past months, alleging that Elon Musk supported and manipulated Dogecoin. Musk, with his frequent tweets about Dogecoin, increased the price of the asset to the level of 73 cents on May 8, 2021, and those who bought DOGE at those levels experienced a loss of almost 90 percent.
Two days ago, Elon Musk had asked a US judge to drop the $258 billion lawsuit brought against him. However, Musk’s lawyers reportedly argued that posting funny pictures and support tweets does not mean an allegation of fraud.
Whale Movements Increase
According to the data released by LunarCrush, the 24-hour trading volume of Dogecoin rose to $ 3.54 billion, the highest level in the last three months. Along with that, on-chain analytics firm Lookonchain shared an improvement to whale movements. According to the shared data, the fifth largest Dogecoin whale transferred 650 million DOGE ($ 61.3 million) after the increases.
Address remains the fifth largest DOGE owner, with a profit of $80.14 million so far. While some members believed that the addresses were preparing for a big sale, some members claimed that these addresses belong to Elon Musk. However, the DOGE community generally rejects this view.
DOGE Price Analysis
For DOGE, which is currently priced at $ 0.098, if it continues to rise, the first resistance point to follow is in the 10 cent region. If DOGE price manages to pass this resistance point located in the 10 cent zone, the next resistance it will face is at 13 cents. In a possible bearish scenario, the first support level is in the $0.09 area. The second support level to be followed in a decline from there is around $0.07.
