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Twitter changed its infamous bird logo to a Shiba Inu image, a long-running joke among retail traders and Elon Musk, resulting in a dogecoin jump to over 30% on Monday.
Musk, a longtime dogecoin enthusiast and backer, has tweeted about the token many times before. Musk, who’s been the CEO of Tesla since 2008, also allows payments with dogecoin for certain merchandise on its website, and in 2021 he jokingly called dogecoin a “hustle” on NBC’s Saturday Night Live. A deeper dive into meme coins Some analysts think the renewed hype around dogecoin will be short lived, with the coin already down 3.03% in the last 24 hours, according to CoinDesk data. Others have warned that the coin’s rally could give way to an ugly correction.
“The price has reached a resistance point, indicating that traders may not be able to push the price further. This pump in the price of a meme coin may suggest bullishness among retailers, but it is not indicative of a long-term trend,” said Sara Gherghelas, a blockchain analyst at DappRadar, which analyzes data of decentralized apps and crypto.
Investing in Crypto Live Event Crypto has staged a turnaround after bruising losses and the collapse of FTX. What comes next? Join a Barron’s Roundtable live event on April 25 at noon Eastern to examine what to watch, how to invest and whether bitcoin or other tokens can be more than a speculative trade.
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