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1.85%Dogecoin Surges 5.8% as Traders Anticipate Elon Musk's Next Move
Dogecoin is beginning to retrace this week's slump after hype waned following Twitter's logo change.
Updated May 9, 2023, 4:12 a.m. Published Apr 13, 2023, 10:39 a.m.
Dogecoin (DOGE) has risen from Wednesday's low of 8 cents with a 5.89% move to the upside after Twitter struck a deal with eToro to offer crypto trading.
Twitter CEO Elon Musk has often touted dogecoin as one of his favorite cryptocurrencies, dedicating a segment to it on an appearance on "Saturday Night Live" in 2021. Twitter also briefly changed its logo to the dogecoin logo last week to spur a rally that gained as much as 37% for some traders.
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Before today's rise, the popular meme coin had slumped by 22.64% as the hype surrounding Twitter's logo change subsided.
It is currently trading at nearly 9 cents after prominent Crypto Twitter trader @TreeofAlpha tweeted a macro thesis for dogecoin.
"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)," Tree of Alpha tweeted moments before another spike to the upside.
It is worth noting that eToro currently does not offer dogecoin, so in the immediate future only the likes of bitcoin (BTC), ether (ETH), BNB and IOTA will be initially available on Twitter.
CORRECTION (April 13, 2023 14:30 UTC): Corrects the price for the dogecoin low on Wednesday.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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