Dogecoin Price Soars 30% As Elon Musk Changes Twitter Logo To DOGE

When Dogecoin pumps all-of-a-sudden, there is usually one person behind it. That is Elon Musk, the billionaire behind Tesla – the electric car company, SpaceX – a US spacecraft manufacturer, and Twitter – the social media giant.

On Monday, the Twitter CEO changed the company's logo from that of the blue bird to Dogecoin's emblem of a shiba inu dog's head and torso. Dogecoin rallied 37.6% in just a few minutes after the internet community noticed the change.

This is how it appeared on the top left of our home page:

The new logo is only visible on Twitter's Web App and NOT the iOS or Android app at the moment.

It would be remembered that slightly over a year ago, a Twitter user through the account "Wall Street Bets" told Must to buy Twitter and change the logo to Doge. The Twitter executive has done just that.

He tweeted the following photo on Monday confirming that he had done "as promised."

On a serious note, though, it is widely believed that Elon Musk did this on purpose to send a message after a $258 billion class action lawsuit was brought against him by Dogecoin investors. The investors accuse him of  "running a pyramid scheme to support the cryptocurrency Dogecoin," referring to him as a fraud.

According to Reuters, Musk wants the case thrown out, but the prosecuting lawyers are confident that they will get the "Dogefather" to compensate the investors $258 billion. Musk responded to this by changing the logo of the second most popular social media platform in the world to Dogecoin's emblem.

Dogecoin rallied as much as 37.6% in just a few minutes after the internet community noticed the change.

DOGE Responds With 33% Gains To Trade Above $0.1

At the time of writing, Dogecoin went for $0.0976 after rising as much 25.6% over the last 24 hours. DOGE is leading the list of top crypto gainers on Tuesday with a 24-hour trading volume of $4.385 billion, which has also exploded over 500% on the day.

Top Crypto Gainers Today

The DOGE market cap has increased by over $2 billion to stand at $13,334,922,678, flipping Cardano (ADA) to take the seventh position on the CoinMarketCap ranking.

The recent rally has seen DODE rise above the ascending parallel channel, within which it had been sealed over the last month. Yesterday's huge engulfing candlestick suggested that the meme coin's uptrend is currently strong.

The price was sitting above all the major SMAs and the Moving Average Convergence Divergence (MACD) indicator was moving upwards in the positive region. The moving averages were also facing up, an indication that the buyers were controlling DOGE.

Dogecoin's strong uptrend was also supported by the Directional Movement Index (DMI) indicator, as shown on the daily chart below. The positive directional line (+D1) at 33 was positioned way above the negative directional line (-D1) at 6. The value of the average directional line (ADX) at 22 was a clear indication that Dogecoin's uptrend was strong.

Therefore, if the bullish momentum is sustained, the Doge price will rise first toward the $0.1 psychological level and later to the $0.1118 range high. A move higher would see the Shiba Inu rival return to the $0.12 supply zone, representing a 23% uptick from the current price.

DOGE/USD Daily Chart

On the downside, things may go awry for Dogecoin bulls if profit taking occurs at current levels as buyer exhaustion kicks in. If this happens, DOGE may turn down to seek solace from the $0.09 psychological level.

Increasing selling pressure would push the altcoin below the upper boundary of the rising channel at $0.0867. This would take Dogecoin back into the confines of the governing technical pattern where it could continue oscillating for some time before initiating another recovery.