Behind DOGE’s rally to $0.10, whale reactions, and more

ambcrypto.com:

On 4 April, Dogecoin [DOGE] experienced its largest single-day price spike since October 2022. The reason for the price hike and robust demand within the last 24 hours is heavily linked to a recent change on the Twitter microblogging platform.

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In the last few hours, Dogecoin’s logo replaced the blue bird that has been Twitter’s mascot for a long time. While this is a surprising change, it was not unexpected, considering Elon Musk’s status as Dogefather.

— Elon Musk (@elonmusk) April 3, 2023

More importantly, this recent change may revive chatter about Twitter potentially adopting Dogecoin for transactions within its network. Dogecoin becoming Twitter’s new logo or mascot highlights a higher likelihood of Twitter using DOGE for transaction purposes.

Such a development would likely supercharge the DOGE’s mass adoption.

DOGE’s price action delivered a 36% upside during Monday’s trading session. Most of the upside was caused by the robust liquidity inflow that came after Twitter changed the logo. This was confirmation that many saw the move as a bullish outcome for Dogecoin.

Source: TradingView

Dogecoin briefly soared above the $0.10 price after struggling to reclaim that level for the last four weeks. However, this also means it retested a previous resistance level and the effects of that are already manifesting in its price performance.

On top of that, DOGE’s rally firmly pushed into overbought territory, where many are likely to take profits.

As far as on-chain observations are concerned, Twitter’s logo changed triggered a surge in investor optimism. This is evident by the spike in DOGE’s weighted