Is Elon Musk updating the Twitter logo another step towards getting dogecoin – sometimes unironically called the people's cryptocurrency – into the hands of the masses? Opinion for 'The Node' newsletter, by danielgkuhn
So this is how mass adoption happens? Elon Musk, at least at one point the world’s richest man, replaced Twitter’s classic blue bird logo with a sprite of DOGE, the Shiba Inu known as much for the meme as the memecoin. Dogecoin spiked something like 40%, and hasn’t yet crashed. I hear there’s excitement brewing DOGE could pump above the $0.
This article is excerpted from The Node, CoinDesk's daily roundup of the most pivotal stories in blockchain and crypto news. You can subscribe to get the fullDogecoin is apparently spiking because people believe that Elon Musk could soon integrate a permanent dogecoin payment system on Twitter, the microblogging platform he overpaid for .
Of course, this is my attempt to ascribe meaning to crypto price moves. Prices are basically the only thing that matter in crypto, but rarely for any reason investors typically rely on when evaluating the expected return of an asset. Instead, crypto prices are almost a perfect reflection of market sentiment – or, to put it in the people’s language, vibe. The coronavirus shutting down the global economy? Bad vibes.
Elon Musk has manipulated the price of dogecoin in the past. The first time it happened, in early 2020, DOGE jumped after the Tesla founder tweeted out a meme. He apparently got a taste of something he enjoys – power through shitposting – because he pulled similar moves again and again, each time raising the stakes as the joke grew stale. He
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