After Tesla (NASDAQ: TSLA) and Twitter (NYSE: TWTR) CEO Elon Musk arbitrarily changed the legacy blue bird Twitter symbol to that of Dogecoin (DOGE), the price of the meme coin skyrocketed.
Jimmy Song, a prominent advocate of Bitcoin, claimed in a tweet published on April 4 that Musk’s decision to switch the Twitter icon to the DOGE logo was not a gesture of support for the asset but rather an attempt to pay off debts incurred in the process of acquiring the social media platform.
Musk’s interest in Dogecoin dates back to early 2021, when he merely tweeted “Doge” and posted a meme with the DOGE logo, causing the value of the cryptocurrency to increase by over 50%.
Currently, Dogecoin is exchanging hands at a price of $0.10, down 2.97 percent on the day but still recording significant gains of 30.37 percent over the past week and 28.94 percent over the past month, according to the most recent charts obtained on April 5.
As previously reported by Finbold, the machine learning algorithms of the cryptocurrency monitoring platform PricePredictions are also optimistic, predicting that the price of DOGE will reach $0.103899 on April 30, 2023. At the time of publication, these forecasts are marginally less bullish, projecting a price of $0.102147 for Dogecoin on the same date.