Dogecoin spikes 6% following Twitter’s new move Dogecoin spikes 6% following Twitter’s new move
Several Dogecoin enthusiasts interpreted Twitter's move as Elon Musk's latest effort towards integrating the meme coin.
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Updated: Apr. 13, 2023 at 2:10 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Dogecoin (DOGE) spiked by more than 6% after Twitter announced a partnership with the social trading platform eToro, according to CryptoSlate’s data.
The partnership will allow users to buy stocks and cryptocurrencies on eToro directly from the Twitter app, CryptoSlate reported.
eToro confirmed the development, saying its $Cashtags partnership will enable Twitter users to get real-time data and charts about these assets.
Following the news, Elon Musk’s favorite cryptocurrency Dogecoin rallied to as high as $0.0877, according to CryptoSlate’s data.
The meme coin has since retraced to $0.08686 at the time of writing.
Several DOGE enthusiasts interpreted Twitter’s move as Elon Musk’s latest effort toward integrating the meme coin into the social media platform.
Meanwhile, this is not the first time Twitter’s actions and announcements have heavily influenced DOGE’s performance since Musk bought the platform in October 2022.
The token reached as high as $0.14 in November 2022, riding on expectations of Musk’s plan for the asset.
Its value also significantly spiked after the social media platform changed its logo to the Shiba Inu dog. At the time, DOGE rallied by more than 30% but soon crashed after Twitter restored its original logo.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
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X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.