Since last night, the Twitter community can see a dog’s head instead of the famous blue bird. This sudden change immediately boosted a cryptocurrency with a sulphurous history. Elon Musk, new boss of Twitter, has he freaked out or is it smarter than we think? Here are some keys to understanding this crypto-financial maelstrom.
Changing the Twitter logo for no particular reason is Elon Musk’s new feat. The talented billionaire not only shook the twittosphere but also the cryptosphere. The price of a cryptocurrency is experiencing meteoric growth while bitcoin and altcoins are stagnating. Story of a surreal day.
Twitter takes the lead in dogecoin crypto
We no longer count the exuberances of Elon Musk. Lately, he was blowing hot and cold on the future of the Twitter network and DOGE. But the whimsical billionaire has once again surprised his fans… like his detractors. On April 3 at 7 p.m. in Texas (4 a.m. French time), Musk published a sibylline tweet with the only message “MetamorphosisAI” and an image of a butterfly during a traffic check. The butterfly gives his ID card with a picture of a worm and says to the policeman “it’s an old photo“. So far, nothing extraordinary. Elon Musk evokes the moult of the worm into a butterfly. A strange tweet like so many others from the tech mogul.
— Elon Musk (@elonmusk) April 3, 2023
A few hours later, he posts another image, slightly different from the previous one with a shiba inu head instead of the worm and the Twitter bird on the ID card. And the pretty blue bird, legendary ornithological figure of the Twitter network had disappeared from the web interface. Instead, a shiba inu head. The Shiba Inu is a Japanese dog breed that has become popular since Squeezie (and others) adopted it. Is Elon Musk a fan of Shibas? Probably, but the answer is more complex, depending on the level of analysis that we allow ourselves.
Be that as it may, the virtual currency has made a good more than 35% in a few hours while the market is still as gloomy and in decline, especially since the TerraLabs affair. Motivated by the FOMO (“fear of missing out” = “fear of missing something”), cyber-investors bought DOGE. The excitement passed, the price of the crypto has been slowly coming down since. But 5.13 billion DOGE were still exchanged on the blockchain in 24 hours.
4 theories explaining the change of the historical logo of Twitter for that of dogecoin:
- Elon Musk is having an April Fool’s joke.
Elon Musk lives on another planet (he is already often in the moon) and he has a slight time difference with planet Earth. That’s why he’s having an April Fool’s Day on April 3 instead of April 1.er april.
- Elon Musk makes a rich joke.
Elon Musk thumbs his nose at investors who criticize him for having modified and taken advantage of the crypto market, in this case the price of dogecoin. It is the cryptocurrency several times praised by the boss of Tesla and SpaceX. But several investors broke their teeth. In June 2022, they filed a collective complaint in the Court of the Southern District of New York at the month against Elon Musk, claiming the modest sum of 258 billion dollars.
Coincidentally, on April 3, Elon Musk and his companies filed a motion in the US court to dismiss the lawsuit… The lawyers characterized the plaintiffs’ action as a “work of fanciful fiction” and that Musk’s tweets were “harmless and often silly” about Dogecoin.
- Elon Musk is a smart trader.
On the part of the former creator of Paypal, a curious technology junkie, it is difficult to naively believe that he does not know the impact of his influence on the markets. When Musk announced support for dogecoin to buy or charge a Tesla, the price of this crypto jumped. Each negative or positive tweet had directly or indirectly changed the price of Dogecoin.
Elon Musk would therefore be able to perform a ” long “. He buys DOGE hoping that it will rise and as soon as it reaches an expected level, he sells his cryptos, picking up a nice jackpot in the process. The basics of trading.
- Elon Musk is a very smart entrepreneur.
By replacing Twitter’s historic logo with that of a cryptocurrency, it suggests what many are hoping for. Twitter will no longer be just a gigantic social or messaging network, but also a payment platform.
Earlier this year, the very serious Financial Times revealed that Twitter was developing a payment system. Now that the former creator of Paypal is the almighty boss of Twitter, supporting DOGE and/or other cryptos would make sense. Musk loves the libertarian spirit of cryptocurrencies. It may still be a way to survey the tweeto community and signal its attachment to payment in cryptos (including DOGE).
The truth may be a mixture of all of these. A few hours later, Elon Musk posted the following screenshot with the message “ As promised “.
as promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
After buying Twitter, Elon Musk took financial influencer @WSBchairman at his word. It is at least a pirouette to explain this surprising gesture. Funny, when you know that initially this cryptocurrency was a joke from a developer. As anyone was creating cryptos without real foundations, Billy Markus and Jackson Palmer invented in 2013 a crypto with a dog’s head, more accessible than Bitcoin. Dogecoin was born. Now with Elon Muskle DOGE is the 8th largest crypto capitalization, ahead of serious projects like Polygon (MATIC) or Solana (SOL)!
