What happened? On Monday, the value of Dogecoin experienced an upswing as a result of an unusual Twitter mention featuring the token’s mascot. Instead of the original blue bird logo, visitors to the website were welcomed by the Shiba Inu internet meme, which is the inspiration behind the token.
As news of the reference spread, the appearance of Dogecoin’s mascot resulted in a significant price surge for the token. In just under an hour on Monday, Dogecoin’s value soared over 20% to approximately $0.1016, marking its highest price in more than three months as per data from CoinMarketCap. The dogecoin price has since been hovering around $0.097. At the time of writing Dogecoin was up 24.54% in the last 24 hours.
Is Dogecoin really going To The Moon?
The world of cryptocurrency is always full of surprises, and Dogecoin seems to be at the center of it all. With its recent surge in popularity and trading volume, many people are wondering if it’s really set to go “To The Moon” as the Twitter trend suggests. #DogecoinToTheMoon #Dogecoin #DOGE has been trending on Twitter since yesterday, sending the 24-hour trading volume close to $5 billion.
AlexaBlockchain asked experts if it is really sustainable and if we can assume that Dogecoin is really set to go To The Moon. Here is what they believe.
Dhruvil Shah, SVP Technology at Liminal, a wallet infrastructure and custody solutions platform, believes that while the current price movement may be driven by news and speculation, the fact that Elon Musk is openly supporting Dogecoin means it could find a mass use case on the Twitter platform.
“In fact, Twitter’s recent logo change to the DOGE icon could be a sign that the social media platform is transitioning from a Web2 to Web3 entity, which could further boost the meme coin’s value,” Dhruvil added.
On the other hand, Tezos India President, Om Malviya warns that the current rally may not be sustainable in the long run, as it doesn’t seem to be backed by strong fundamentals.
“While Dogecoin has defied the larger trend in the cryptocurrency market by gaining over 30% in the past week, the price is primarily being pushed by the news of Twitter’s logo change to a picture of the cryptocurrency,” Om Malviya mentioned.
Only time will tell whether Dogecoin is really set to go “To The Moon” or if it’s just a passing trend. As with any investment, it’s important to do your research and understand the risks before jumping in.
Editor’s note: The article has been modified/ updated subsequent to its initial release to incorporate supplementary information and context.