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Elon Musk accused of pumping DOGE to settle Twitter debt

Elon Musk accused of pumping DOGE to settle Twitter debt

After Tesla (NASDAQ: TSLA) and Twitter (NYSE: TWTR) CEO Elon Musk randomly changed the legacy blue bird Twitter icon to that of Dogecoin (DOGE), upon which the meme coin’s price skyrocketed, a Bitcoin (BTC) purist has accused him of intentionally pumping the price of Dogecoin for his own goals.

Specifically, popular Bitcoin maximalist Jimmy Song believes that Musk’s recent change of the Twitter icon to the DOGE logo was a ploy to settle his financial obligations after acquiring the social media network and not just a show of support for the asset, according to Song’s Twitter post published on April 4.

The Elon Musk effect

Indeed, the price of Dogecoin climbed sharply on April 3, soaring more than 22% in a matter of minutes after the unexpected logo change in the Twitter user dashboard, while approximately $1.7 billion had pumped into the digital asset’s market capitalization, bringing it to the highest level since December 2022.

As a reminder, Musk has been an avid supporter of Dogecoin for quite some time, his interest dating back to early 2021 when he simply tweeted ‘Doge’ and posted a meme featuring the DOGE logo, causing the value of the cryptocurrency to soar by over 50%.

Dogecoin price analysis

As things stand, Dogecoin has managed to retain the price acquired at the time of the icon update, currently changing hands at the price of $0.10, down 2.97% on the day but still recording significant gains of 30.37% across the previous week and 28.94% over the past 30 days, according to the latest charts retrieved on April 5.

Dogecoin 7-day price chart. Source: Finbold

Meanwhile, the machine learning algorithms at the crypto tracking platform PricePredictions are optimistic as well, having projected that the price of DOGE on April 30, 2023, would amount to $0.103899, as Finbold reported earlier. At press time, these predictions are slightly less bullish, setting the possible price of Dogecoin at $0.102147 for the same date.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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