Dogecoin has experienced a 5.89% increase, bouncing back from Wednesday's low of $0.0809 after Twitter announced a partnership with eToro to introduce crypto trading. Twitter CEO Elon Musk, a well-known dogecoin advocate, has previously promoted the cryptocurrency, even dedicating a segment to it during his 2021 appearance on Saturday Night Live.
Last week, Twitter temporarily changed its logo to the dogecoin emblem, sparking a rally with gains of up to 37% for some investors. Prior to the recent surge, the popular meme coin had experienced a 22.64% decline as enthusiasm following the logo change waned.
Dogecoin is presently trading at $0.0877 after well-known Crypto Twitter trader @TreeofAlpha posted a macro thesis for the digital currency. "@TreeofAlpha tweeted, "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)." The tweet coincided with another uptick in dogecoin's value.
It is essential to note that eToro does not currently support dogecoin trading. Thus, only cryptocurrencies like bitcoin (BTC), ether (ETH), BNB, and IOTA will initially be available on Twitter in the near term. However, dogecoin enthusiasts are closely monitoring Elon Musk's next moves, hoping for potential future integration of the cryptocurrency on the platform.
The recent dogecoin rally highlights the impact that influential figures like Elon Musk and social media platforms such as Twitter can have on the cryptocurrency market. As traders speculate on Musk's involvement with Twitter's crypto trading integration, dogecoin's value may continue to fluctuate in response to any developments or announcements.
Investors should exercise caution and be prepared for potential volatility in the meme coin's price as the market responds to Musk's actions and the broader cryptocurrency landscape.
