Meme cryptocurrency has witnessed a sudden market boom as the price of Dogecoin (DOGE) started to climb sharply on Monday.

The primary cause of the price surge is a random Elon Musk decision to change a Twitter icon within the user dashboard to Dogecoin.

As a result, DOGE surged by over 22% at the time of writing, as the price of the cryptocurrency soared from $0.077 to $0.097 in minutes.

As the hype around the news mount, approximately $1.7 billion has been pumped into Dogecoin’s market capitalization in an extremely short period of time pushing the meme coin’s market cap to reach $12.76 billion, the highest figure since December 2022.

Elon Musk’s interest in Dogecoin can be traced back to his tweets about the cryptocurrency in early 2021. He initially tweeted “Doge” and posted a meme with the Dogecoin logo, which caused the value of the cryptocurrency to surge by over 50%.

Since then, Musk has been a vocal supporter of Dogecoin, referring to himself as the “Dogefather” and regularly tweeting about the cryptocurrency. In May 2021, he even mentioned Dogecoin during his appearance on Saturday Night Live, which caused the value of the cryptocurrency to plummet.

Despite the volatility, Musk has continued to express his interest in Dogecoin, stating that he believes it has the potential to become the currency of the internet and even suggesting that SpaceX may accept Dogecoin as payment for its services.

Many have speculated on why Musk is so interested in Dogecoin, with some suggesting that it’s simply a joke or a way to troll the cryptocurrency market. However, Musk has stated that he genuinely believes in the potential of Dogecoin, particularly as a way to facilitate peer-to-peer transactions.

He has also highlighted the community aspect of Dogecoin, which he sees as a positive force for promoting inclusivity and fun in the cryptocurrency world. While some critics have dismissed Musk’s interest in Dogecoin as a distraction from his more serious endeavors, others see it as an indication of his unconventional and forward-thinking approach to business and innovation.

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The Dogecoin price has dropped by 2.5% in the past 24 hours, falling to $0.072580  as the wider cryptocurrency market suffers a 1% decline.

At $0.071741, DOGE has dropped by 2% in the past week and by 19% in the last 30 days, although the meme token is up by a very modest 2.5% since the start of the year.

However, with the coin's 24-hour trading volume peaking above $500 million today, there has been an increase in liquidity that potentially makes more gains likely in the immediate future.

And with DOGE holders still hoping for some kind of Twitter payments integration later in the year, the token could end up rising massively in the coming months. 

DOGE's indicators are lining up nicely for a big rebound rally in the not-too-distant future, with both its relative strength index (purple) and 30-day moving average (red) at undervalued levels.

After sinking to nearly 20 earlier this month, DOGE's RSI has risen close to 50 in the past couple of days, and should climb further soon.

Of course, the flip side of this expectation is that DOGE arguably doesn't have much else going for it right now, which is why it hasn't pumped as much as other major tokens during the market-wide rallies of the past week.

Dogecoin hasn't had a major software update in quite a while, and apart from the odd new exchange listing, there hasn't been much in the way of adoption news.

Indeed, active DOGE wallet addresses have been more or less at the same level for around three years (actually, there's been a slight decline during this period), suggesting that users aren't exactly flocking to the coin right now.

Still, they almost certainly will flock to Dogecoin if Twitter ends up adopting it, with DOGE set to rise strongly in price if this does happen.

From its current level of about $0.0725, it could easily rise to back up to its current all-time high of $0.731578, set back in May 2021.

This would depend on the wider market enjoying a sustainable recovery, yet there's no doubt that Twitter adoption would give DOGE the momentum to reach such levels and potentially rise even higher.

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Dogecoin is up about 30% since Twitter adopted its logo. Twitter CEO Elon Musk has been accused of orchestrating a pyramid scheme by hyping the coin. 

Once again, people are making allegations about a mysterious wallet that once held $24 billion in dogecoin.

Here’s everything we know about DH5ya, the dogecoin whale wallet.

Dogecoin's Elon Musk-fueled rally continued into a second day on Tuesday as the memecoin soared after he replaced Twitter's blue bird logo with the icon of a Shiba Inu dog on the company's website.

The coin has jumped by around 30% since the social media platform adopted its logo and its CEO began tweeting about it yesterday.

Dogecoin was trading at $0.0985 by 10:50 a.m. EDT, up 3% over the past few hours, according to Binance data via TradingView. Dogecoin's market cap stood at $13.7 billion at the time of writing.

The run-up in value has drawn attention to a mysterious wallet known as "DH5ya" that once held a staggering $24 billion in dogecoin. In a class action lawsuit filed against Musk in U.S. federal court, investors who have lost money on dogecoin have claimed that DH5ya is Musk's personal wallet.

Musk, through his lawyer, denied the claims and insisted that the wallet belongs to Robinhood, the equities trading platform offering support for several crypto assets. Robinhood declined to confirm or deny that it controls the wallet.

Dogecoin has a history of moving based on what the billionaire CEO does.

In fact, Musk's tweets can move multiple markets. Dogecoin is now in the top seven cryptocurrencies by market cap, ahead of Cardano's ADA, Polygon's MATIC, and just behind Ripple's XRP.

Other dog-themed memecoins were also trading higher. Shiba Inu gained 6.7%, dogelon mars gained 10%, and floki was up over 14%. 

The coin jumped over 50% percent in October after Musk finalized his Twitter takeover. It erased these gains days later when reports suggested he might drop the company's crypto ambitions.

GSR analyst Matt Kunke said he doesn't expect the current Musk bump to last.  "Crypto trading dynamics driven by Elon Musk’s sporadic behavior have frequently been short-lived historically," Kunke said.

Musk accused of manipulation

Musk's relationship with dogecoin is currently the subject of a class action lawsuit in a New York federal court. Dogecoin buyers in the case have accused Musk of orchestrating a pyramid scheme by hyping the coin. 

"After the launch and initial coin offerings of the dogecoin investment contract, Musk became the leader of this multi-billion-dollar racketeering enterprise which intentionally manipulated the market to drive the price of dogecoin from $0.002 to $0.73 in two years, an increase of 36,000%," the complaint alleges.

The complaint says Musk began working with the Dogecoin Foundation Inc. (DCFI) in 2018. In 2019, Musk tweeted that “Dogecoin might be my fav cryptocurrency. It's pretty cool” and “Dogecoin Rulz.” The coin doubled in value over the next three days, the lawsuit claims, and Musk allegedly learned that his tweets were enough to manipulate the market.

Over the next couple of years, Musk tweeted upbeat jokes about dogecoin. By May 2021, dogecoin's market cap hit $95 billion. "'The Musk Effect' caused the peak daily trading volume to rise 2,000-fold and the peak market cap to rise nearly 400-fold," the lawsuit claims.

Then Musk made a guest appearance on Saturday Night Live in which he called dogecoin a "hustle." "Within four days, the Doge market cap dropped to $45 billion (nearly 50% from its peak)," the suit states. Within a year, 90% of Dogecoin's gains were gone. At its peak, the dogecoin market cap approached $90 billion, according to CoinGecko data. 

DH5ya: Musk's crypto wallet?

Based on "information and belief," the plaintiffs allege Musk opened a dogecoin wallet whose address begins with the characters DH5ya in 2019. An on-chain researcher, known simply as "lookonchain," has previously laid out these claims on Twitter.

Plaintiffs argue the wallet's transactions indicate that it belongs to Musk. The evidence includes the wallet making a 28.061971 DOGE transaction, which corresponds to Musk's birthday (June 28, 1971), and a transaction spelling out the phrase "Hi Elon." There were six transactions with 69 coins and two transactions with 420 coins involving this wallet, the lawsuit claims. One transaction involved 80085 coins — an alternative spelling of "BOOBS." These actions are typical of Musk's crude humor, the suit alleges.

The wallet in question currently holds a little over 50,300 DOGE, worth just under $5,000 at current prices, according to DogeChain explorer data.

Yet in May 2021, the wallet held $24 billion worth of dogecoin.

Tesla and Musk have urged the Manhattan federal judge to throw out the case, branding it "fanciful." A motion to dismiss, filed on Friday, states the wallet does not belong to Musk and instead says it belongs to Robinhood.

While the wallet is linked to the social investing platform, Robinhood holds users' private keys on their behalf. So it is possible that Musk could have transacted via Robinhood, with those trades being executed by the wallet, without the wallet "belonging" to Musk.

Robinhood's main wallet for consolidating its dogecoin holdings is now DPDLBAe3RGQ2GiPxDzhgjcmpZCZD8cSBgZ. The wallet currently holds $3.3 billion worth of DOGE, or 24% of the circulating supply, based on Dogecoin Whale Alert data.

Musk's tweets supporting Dogecoin

Musk was silent for several hours after the logo change before tweeting a post referencing one of his older tweets which joked about changing the logo. The tweet gained widespread attention, garnering over half a million likes and nearly 50 million views.

Musk made no clarifications about the change, nor has Twitter itself. Whether or not the new logo will remain is unclear at present. Most of the firm's branding remains consistent with the blue bird logo. 

Tesla, Musk's automaker, has also warmed to dogecoin over the past few years. The electric car manufacturer accepts dogecoin as payment for merchandise, and while it holds the cryptocurrency in its reserves, Tesla has not outlined how much DOGE it holds. 

#Binance #crypto2023 #BTC #elonMusk #DOGE

In recent years, Twitter has become a platform that serves as a hub for discussion, debate, and social engagement. With its billions of users, it has become an integral part of our lives, connecting us with the world and giving us a platform to express our thoughts and opinions. However, with the rise of fake news, censorship, and online harassment, the platform has come under scrutiny. But what would happen if CZ (Changpeng Zhao), the founder of Binance, became the owner and CEO of Twitter?

#CZBINANCE is known for his focus on cryptocurrency and blockchain technology. He is a pioneer in this field and has built one of the world's largest cryptocurrency exchanges, #Binance if he became the owner and CEO of Twitter, he would likely bring his experience in cryptocurrency and blockchain to the platform. He may introduce features that integrate these technologies into Twitter, such as enabling users to send and receive cryptocurrency payments directly through the platform.

CZ's focus on cryptocurrency and blockchain could also lead to new revenue streams for Twitter. Twitter could potentially create its own cryptocurrency that users can use to purchase promoted tweets or ads. It would give users more incentive to engage with the platform and create a new market for Twitter to explore.

CZ is also known for his commitment to free speech and censorship resistance. He has always been vocal about his belief that people should be able to express their opinions and views freely. If he became the owner and CEO of Twitter, he may take a more hands-off approach to moderating content on the platform. This could allow users to express themselves more freely and without fear of censorship.

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Elon Musk, the billionaire CEO of SpaceX and Tesla, has been a vocal supporter of Dogecoin, a cryptocurrency that started as a joke. However, his tweets about the cryptocurrency have landed him in legal trouble. A lawsuit filed in California accuses Musk of manipulating the price of Dogecoin with his tweets, causing investors to suffer losses. The lawsuit, which seeks $258 billion in damages, has been described as the biggest class-action lawsuit in history. But Musk is not taking it lying down. He is pushing for the dismissal of the lawsuit, arguing that his tweets were not intended to manipulate the market.

Dogecoin was created in 2013 as a joke based on the popular "Doge" internet meme. It was never meant to be taken seriously, but it gained a following among cryptocurrency enthusiasts. Its price surged in 2021, thanks in part to tweets from Elon Musk. The billionaire tweeted about Dogecoin several times, calling it "the people's crypto" and saying that he bought some for his son. His tweets caused the price of Dogecoin to rise and fall, and some investors claim that they lost money as a result.

The lawsuit against Musk accuses him of violating federal securities laws by manipulating the price of Dogecoin with his tweets. The lawsuit claims that Musk's tweets were "false and misleading" and caused investors to suffer losses. The lawsuit seeks $258 billion in damages, which is based on an estimate of the losses suffered by investors.

Musk has responded to the lawsuit by pushing for its dismissal. His lawyers argue that his tweets were protected by the First Amendment, which guarantees freedom of speech. They also argue that his tweets were not intended to manipulate the market. Musk's lawyers point out that he often tweets about his personal opinions and does not have a duty to disclose any information about his investments.

The outcome of the lawsuit is uncertain. It is possible that the lawsuit could be dismissed, but it is also possible that it could proceed to trial. If the lawsuit proceeds to trial, Musk could be forced to testify about his tweets and his intentions. The lawsuit could also set a precedent for the regulation of cryptocurrency and social media.

Regardless of the outcome of the lawsuit, it has highlighted the potential risks of investing in cryptocurrency. Cryptocurrency is a relatively new and unregulated market, and investors should be cautious when investing in it. The price of cryptocurrency is highly volatile and can be influenced by many factors, including social media. Investors should also be aware of the risks of investing based on the opinions of celebrities and influencers, who may not have their best interests at heart.

In conclusion, the lawsuit against Elon Musk over Dogecoin is a significant development in the world of cryptocurrency. It highlights the potential risks of investing in cryptocurrency and the importance of regulation. Regardless of the outcome of the lawsuit, investors should be cautious when investing in cryptocurrency and should do their own research before making any investment decisions.

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TLDR

Elon Musk, the CEO of Tesla, has been actively involved in the world of cryptocurrency, particularly in the promotion of Dogecoin. This article examines Musk's relationship with Dogecoin and how it could potentially affect the cryptocurrency market.

Introduction

Elon Musk, the billionaire entrepreneur and CEO of Tesla, has become a prominent figure in the cryptocurrency world in recent years. He has been a vocal supporter of various digital currencies, and his tweets about cryptocurrency have often caused significant fluctuations in the market. One cryptocurrency that Musk has been particularly fond of is Dogecoin, a cryptocurrency that started as a joke but has since gained a considerable following. In this article, we will explore Musk's involvement with Dogecoin and its potential impact on the cryptocurrency market.

Elon Musk and Doge

Elon Musk's Affinity for Dogecoin Elon Musk's interest in Dogecoin can be traced back to 2019 when he tweeted, "Dogecoin might be my fav cryptocurrency. It's pretty cool." Since then, he has tweeted about Dogecoin numerous times, often sending the price of the cryptocurrency soaring. In February 2021, Musk tweeted, "Dogecoin is the people's crypto," which caused a massive surge in the price of Dogecoin. The price of Dogecoin went up by over 50% within a few hours of Musk's tweet. Musk has also mentioned Dogecoin in his appearances on various TV shows and podcasts, further increasing its popularity.

Musk's Influence on Dogecoin and the Cryptocurrency Market Elon Musk's tweets have a significant impact on the price of Dogecoin, as well as other cryptocurrencies. For example, after Musk tweeted about Bitcoin in May 2021, the price of Bitcoin dropped by around 30%. Similarly, when he tweeted about Dogecoin in July 2021, the price of Dogecoin increased by over 10%. Musk's influence on the cryptocurrency market has led to concerns about the potential risks of such a significant figure having so much power over the market.

Tesla's Investment in Bitcoin and Potential for Dogecoin Tesla made headlines in February 2021 when it announced that it had invested $1.5 billion in Bitcoin. This move was seen as a significant step towards the mainstream adoption of cryptocurrencies. However, Musk's tweets about Dogecoin have led to speculation that Tesla might invest in Dogecoin as well. In May 2021, Musk tweeted that he was working with Dogecoin developers to improve the cryptocurrency's transaction efficiency, fueling speculation that Tesla might be considering investing in Dogecoin.

Conclusion

Elon Musk's influence on the cryptocurrency market is undeniable, and his promotion of Dogecoin has led to a surge in the cryptocurrency's popularity. However, his tweets have also caused significant fluctuations in the market, which has raised concerns about the potential risks of one person having so much power over the market. While Tesla's investment in Bitcoin has been seen as a significant step towards mainstream adoption, the potential for the company to invest in Dogecoin remains uncertain. As the cryptocurrency market continues to evolve, it will be interesting to see how Musk's involvement affects the market and whether Tesla will make any further moves in the world of cryptocurrency.

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