The unpredictability of crypto cannot be outmatched by much but Elon Musk is one of them. After appearing to close the chapter on his relationship with cryptocurrency, he stunned the crypto world by replacing the Twitter logo on its website with the avatar of his favoured coin, Dogecoin (DOGE). Maybe the love story between Musk and Dogecoin is not over yet and there are still a few more pages to write. It appears no one, perhaps not even Musk himself, knows exactly what those pages will reveal. It also poses a fascinating challenge for budding meme coin competitors like Dogetti (DETI): how do you beat a coin backed by the man running Twitter?
Musk Replaces Twitter Logo With Dogecoin’s Dog, Causing Mayhem
On Monday, the blue bird on Twitter’s homepage and loading screen was replaced by the Shiba Inu dog associated with the Dogecoin cryptocurrency. For a while, there was no explanation, but it triggered a great deal of interest. Eventually, Elon Musk seemingly explained it as a callback to a joke made in March 2022.
The frenzy was immediate and Dogecoin’s official account tweeted: “Very currency. Wow. Much Coin. How Money. So Crypto.”
Many will be wondering why Elon Musk did this, not that it’s easy to understand the complexities of the mind of such a man, but some have speculated that this may be related to the $258 billion racketeering lawsuit by Dogecoin investors accusing him of intentionally inflating the price of Dogecoin and then allowing it to crash.
Plaintiffs in the U.S. case have accused Elon Musk of utilising his social media presence – as well as an appearance on Saturday Night Live – to inflate the price of DOGE by “more than 36,000 per cent over two years and then letting it crash.”
Is Dogecoin’s Value Tied To Elon Musk And His Mood?
For a long time now, it’s appeared increasingly apparent that there is a connection between Dogecoin’s price value and Elon Musk. It has been his advocated coin for a long time and a notable feature of this relationship has been the price surges in Dogecoin triggered by any favourable mention or allusion to it made by Elon Musk.
When he took over Twitter, it skyrocketed Dogecoin’s value. Many believed that the meme-based crypto was in ascendancy due to its proximity to Musk and could further grow if Musk eventually integrated Dogecoin into Twitter. As this week has shown, it would most certainly ignite an astronomical price hike in Dogecoin. The largest meme coin witnessed a growth in its value by 30% following Elon Musk’s latest stunt.
It does suggest that Dogecoin’s value is entwined with Elon Musk and although this did spark a wild price surge this week there is a cautionary tale here too. Quite recently, the owner of Twitter tweeted that AI had replaced his interest in cryptocurrency, and this caused Dogecoin’s price to plummet heavily.
What Does This Mean For Other Meme Coins?
Other meme coins such as Shiba Inu (SHIB) have sought to challenge Dogecoin recently but failed to dislodge the biggest meme coin in crypto. Dogetti (DETI) is the latest meme coin that will be looking to flex its muscles and make inroads.
A quick visit to Dogetti’s website would showcase a new coin bustling with confidence after a successful start to its crypto presale. It has furnished its credentials as a community-orientated crypto by emphasising loyalty to its members through a prism of hilarious mafia references.
It will have its eyes on Dogecoin’s recent price hike and that poses the question of whether Dogetti can succeed where Shiba Inu hasn’t and dethrone Dogecoin. The answer is that it is possible. Right now the signs are promising as it paints a tale of a crypto that is being increasingly well-received by the market. The challenge for Dogetti, and it’s not a simple pitfall to avoid, is whether it can sustain this.
For more on Dogetti, see below:
Dogetti (DETI)
Presale: https://dogetti.io/how-to-buy
Website: https://dogetti.io/
Telegram: https://t.me/Dogetti