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Elon Musk Pushes Dogecoin to Major ATH in Social Volume, But There's a Catch, Watch Out

Wed, 04/05/2023 - 12:58
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Yuri Molchan
Recent decision by Elon Musk regarding Twitter logo has made DOGE social media mentions jump, but now price correction may follow
Elon Musk Pushes Dogecoin to Major ATH in Social Volume, But There's a Catch, Watch Out
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Prominent crypto analyst Ali Martinez has reported shared data regarding the social media mentions of Dogecoin after the recent move of Elon Musk to make it the Twitter logo.

The analyst believes that the all-time high reached by DOGE in this field may push it toward a price retracement, as already happened in the past after such peaks.

DOGE might be in for price correction

The chart shared by Martinez shows major price drops made by Dogecoin after its mentions on social media platforms spiked. In early January 2022, DOGE plunged by 44%, and then in October-November last year, the drop constituted a whopping 55% — from $0.14 to slightly above the $0.07 zone.

On the chart now, the social volume of Dogecoin has surged to the 15,000 level after Elon Musk made DOGE the "face of Twitter." The price of the original meme coin soared by roughly 30% immediately on this news, briefly reaching the $0.1 high.

Dogecoin Started Last Two Bull Runs, David Gokhshtein Says After DOGE's Impressive Rise

Influencer ponders if DOGE were to become Twitter's currency

One of the crypto influencers who started wondering if Musk indeed plans to make Dogecoin one of Twitter's payment options for micropayments and/or tipping content makers was the founder of Gokhshtein Media.

David Gokhshtein is a well-known supporter of meme cryptocurrencies SHIB, DOGE and FLOKI. On Tuesday, he stated that if out of the 400 million user base of the platform, just 20% begin using DOGE for this purpose, this would already be very beneficial for the crypto space overall.

As for himself, Gokhshtein stated that he will now be paying only in DOGE, and he also humorously asked to be paid in it.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at