Why is the price of DOGE rising?

The value of the most famous meme token DOGE has increased by over 20% in about 1 hour.

The value of memecoin, identified with Elon Musk, exploded when Twitter replaced its logo with the Shiba dog, the symbol of Dogecoin.

Elon Musk, who bought Twitter for $44 billion last year and is also the CEO of electric vehicle company Tesla, is known by everyone. Tesla CEO has caused the value of the asset to increase many times with his tweets and shares.

There is a similar situation right now. With Twitter changing its logo to DOGE, the asset’s value skyrocketed.

No official statement has been made yet about the change of Twitter’s logo.

DOGE’s value is growing rapidly

With DOGE becoming Twitter’s new logo, investors quickly turned to the meme token. The asset’s value managed to rise above 20% in a short period of time.

In the past, after various tweets by Elon Musk, investors quickly turned to DOGE, increasing the value of the asset. These moves of Musk also caused comments that he was doing market manipulation.

Although the most popular meme token managed to touch the level of $ 0.1 for a while, it experienced a small pullback and came back to the level of 0.09.

DOGE is trading at $0.947 at the time of writing, according to data from the Binance exchange.

This news has been translated by google translate.

Source Link: Coin

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It’s important to note that investing in meme tokens like DOGE can be volatile and risky, as their value can be influenced by social media trends and celebrity endorsements. It’s always important to do your own research and make informed investment decisions. Additionally, the sudden increase in value of DOGE due to Twitter’s logo change may not necessarily reflect the long-term value of the asset.

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