Temporary Dogecoin logo on Twitter pushes price up

A stunt by Twitter owner Elon Musk allowed the cryptocurrency Dogecoin to enjoy a short-lived rally.

Dogecoin experiences brief rally

The crypto market is struggling, and memecoins like Dogecoin in particular could use a push. The short-lived change from the Twitter bird to the well-known Dogecoin dog immediately propelled the cryptocurrency upwards. The peak was short-lived. Where the price rose just as quickly from seven to just over nine cents, the Dogecoin price has now (April 8, 2023) returned to its original value of € 0.07. That happened after the Dogecoin logo was replaced by the Twitter logo. It is difficult to predict how the price will develop in the future.

Memecoin Dogecoin controversial

Tesla CEO Musk has long been known as a lover of crypto in general, and the dogecoin in particular, and there are numerous clones of this meme coin active in which Musk, Tesla and shiba inu dogs play an important role. Despite this support from Musk, there is a pessimistic study that states that Dogecoin will lose all value.

For the Dogecoin, it argues that there are many enthusiastic users and that they are quite loyal to their coin. For a coin that originally started as a hobby project, the Dogecoin, which has been around for over a decade, is not doing too bad.

Crypto market outlook

The outlook for the crypto market is mixed. According to some experts, the bitcoin price will rise sharply because the dollar is weakening. According to others, this is not true, because although bitcoins are scarce, there are countless other coins that can fulfill the same role as bitcoins.

An example of such an alternative currency is of course the dogecoin. There are also doubts about how well the encryption of crypto coins can withstand advanced quantum computers, and to what extent governments will ban cryptos, as happened in China. Because a currency that works outside the banks, and that cannot be shut down, is not very popular with those in power.