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As the digital currency ecosystem is experiencing a steady recovery today, Dogecoin (DOGE), the world's largest meme coin, has joined the uptrend. The cryptocurrency is up by 8.78% over the past 24 hours with its price currently pegged at $0.09087. The digital asset is also maintaining 9.73% growth in the past week.
The Dogecoin price hardly moves significantly like this unless it is being prodded by Twitter CEO Elon Musk. As a meme coin, many have considered the cryptocurrency to be somewhat of a pump-and-dump token, and as such, its core followers anticipate a major tweet from the billionaire investor in order to stack up on the coin.
This month of April has been a statement month for Dogecoin as the cryptocurrency's logo, the Shiba Inu mascot, was featured as Twitter's logo for a few days, giving the meme coin its most vocal publicity since its inception. The price of the cryptocurrency surged following the move; however, the current upshoot cannot be attributed to it.
Notably, Dogecoin's growth is devoid of any direct input from the billionaire investor, even if we may be inclined to accept that the growth is a cumulative effect of the shoutouts it has received thus far.
Alex DovbnyaDogecoin and the bigger, better push
For Dogecoin, charting its own ambitious growth curve remains one of the core goals that longer-term HODLers are anticipating. A short-term price run fueled by random tweets or memes shared by Musk is unsustainable, and growth such as that printed today account for one of the ways DOGE can pare off the losses it has accrued over the past year.
Dogecoin is now hinging its future price growth on the more valuable utility that Twitter and its core developers are pushing forth, including the crypto and stock trading the social media giant is pitching to pivot into alongside eToro.
Arman Shirinyan
Alex Dovbnya
Dan Burgin