It was claimed that Elon Musk’s last move, which changed the logo of Twitter, was a speculation to pay off his debts. In the short-term rally in the altcoin market, prices soaring by more than 30 percent at one point provided $ 1.7 billion in flow of funds…
Elon Musk closed his debts with this altcoin
The price of DOGE skyrocketed after Tesla and Twitter CEO suddenly replaced Twitter’s old blue bird logo with Dogecoin’s logo. cryptocoin.com In this article, we have included what happened in the first minutes of the development. Now, this move by Musk is allegedly made to deliberately pump the price of Dogecoin.
Popular Bitcoin maximalist Jimmy Song believes Musk’s conversion of the Twitter logo to the DOGE logo was not just a show of support for Dogecoin after purchasing the social media network, but a gimmick to fulfill his financial obligations. Yesterday, he wrote on Twitter, “Elon is pumping Doge to pay off his Twitter debt.”
Speaking at a Morgan Stanley conference in San Francisco in March, Musk said the company was working on making its ads more relevant. Musk, who bought Twitter for $44 billion last year, emphasized that after the deal, Twitter’s debt burden was quite high and the cost of paying off the debt was around $1.5 billion annually, which is roughly equivalent to the current cash burn rate.
Jimmy Song’s allegations suggest that Musk was trying to pay off the loans he took to buy Twitter by speculating DOGE, as reported in recent reports. The Twitter logo changed on April 3, pushing DOGE price and volume to new heights.
Elon Musk influence
The price of Dogecoin rose sharply on April 3, gaining more than 22% in minutes after the unexpected logo change on the Twitter user dashboard. With approximately $1.7 billion pumped into its market cap, it reached its highest level since December 2022.
As a reminder, Musk has been supporting Dogecoin in various ways for a long time. Its interest stretches back to early 2021, and DOGE owes much of its current position to Elon Musk.
DOGE’s rise to $0.10, altcoin whales reaction and behind the scenes development
In a meme he shared after the logo change, Musk confirmed that the new mascot could now be the Shiba Inu dog. More importantly, this latest change could spark babbling about Twitter potentially adopting Dogecoin for transactions on its network. The fact that Dogecoin is Twitter’s new logo or mascot highlights that Twitter is more likely to use DOGE for transactional purposes.
When it comes to on-chain data, the change of Twitter’s logo triggered a surge in investor optimism. This increase is evident from the increase in DOGE’s weighted sentiment as well as social volume, which rose sharply on Monday and eventually began to cool.
Similarly, the last 24 hours were characterized by an increase in the number of whale transactions. This could explain the massive price action caused by whale accumulation. The retail investor segment also participated in the rally, so the increase in active addresses reached the highest monthly level.
On the other hand, the event could trigger greater trust and potentially encourage greater accumulation. Doge currently remains Twitter’s logo, and its price is in the green over 25% over the past 7 days.
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