Dogecoin (DOGE) has made a comeback after hitting a low of $0.809 on Wednesday. The meme-inspired cryptocurrency saw a 5.89% increase after Twitter announced a partnership with eToro to offer crypto trading. The announcement came after Twitter CEO Elon Musk, a well-known supporter of Dogecoin, dedicated a segment to the cryptocurrency during his appearance on Saturday Night Live earlier this year. In a bid to spur a rally, Twitter even changed its logo to the Dogecoin logo briefly last week. This move resulted in a 37% gain for some traders. However, before this latest increase, DOGE had slumped by 22.64% as the hype surrounding Twitter’s logo change subsided. Currently, DOGE is trading at $0.0877.
The recent surge in DOGE’s price can also be attributed to a tweet by a prominent Crypto Twitter trader, @TreeofAlpha. In the tweet, @TreeofAlpha stated that “It is becoming increasingly harder to not accumulate doge at those prices as it fully retraced the logo change, Elon will integrate eToro trading on Twitter, market is looking healthy, 4/20 is coming and the market showed how low it was willing to go on it during the peak of bear ($0.06c).” This tweet was made moments before another spike to the upside.
It is important to note that eToro currently does not offer DOGE, so initially, only Bitcoin (BTC), Ether (ETH), BNB, and IOTA will be available on Twitter. However, the partnership with eToro could open up new opportunities for DOGE in the future.
The rise in DOGE’s price comes at a time when the overall cryptocurrency market has been experiencing a correction. Bitcoin, the world’s largest cryptocurrency by market capitalization, has fallen by more than 50% from its all-time high of nearly $65,000 in April. Other cryptocurrencies have also seen significant drops in their prices. Despite this, DOGE has managed to hold its ground and has even seen an increase in value.
The recent surge in DOGE’s price has once again brought attention to the volatility of the cryptocurrency market. While some investors see it as an opportunity to make quick profits, others view it as a high-risk investment. The fact that the value of cryptocurrencies can be affected by a single tweet or a logo change on a social media platform highlights the unpredictability of the market.
In conclusion, DOGE’s recent increase in price can be attributed to Twitter’s partnership with eToro and a tweet by a prominent Crypto Twitter trader. While the partnership with eToro could open up new opportunities for DOGE, it is important to note that the cryptocurrency market is highly volatile and unpredictable. Investors should exercise caution and do their own research before investing in any cryptocurrency.