Dogecoin, alongside Ethereum, is leading today’s rally as the cryptocurrency tops $0.09 and is now eyeing the pivotal level of $0.1.
DOGE is up over 8% throughout the past 24 hours alone, and the price shows no signs of slowing down. There have been a few potential catalysts behind this move, so let’s have a closer look.
The entire cryptocurrency market is going through a rally, and at the time of this writing, most of it is trading well in the green, as seen in the heatmap below.
With a few exceptions, most of the altcoins are performing relatively well, but it’s also evident that DOGE and ETH are pulling ahead. And while the reason for ETH’s increase lies seemingly within the fact that the Shanghai upgrade didn’t cause nearly as much selling pressure as many were anticipating, DOGE’s surge might be a bit more unexpected.
Yesterday, news broke out that Twitter has partnered with the popular retail-oriented fintech company eToro. The goal of the collaboration is to enable users to access stocks, cryptocurrencies, and other financial assets.
Everybody knows that Elon Musk is a strong proponent of Dogecoin (DOGE) and that he’s doing a lot to push the cryptocurrency further into mainstream adoption. It could very well be the case that DOGE will become one of the first cryptocurrencies that Twitter will enable purchases for.
Another obvious reason for the recent increase is a recent offer by Musk. He promised to gift 1 million DOGE to anyone who could locate the whereabouts of a mine that many are speculating he owns.
For context, there have been rumors for quite a while now that Musk’s family owns an emerald mine in Zambia. To be more precise, these rumors have been circulating since 2018.
Providing more fuel for the fire, a Berkely professor and former United States Secretary of Labor, Robert Reich, posted a video that cites an example of Musk’s family owning an emerald mine in South Africa. It argues that it was the seed money from the mine that made it possible for Elon Musk to become the billionaire he is today.
Yesterday, on April 13th, Elon Musk said:
I will pay a million Dogecoin for proof of this mine’s existence!
As it’s always the case, whenever Musk mentioned DOGE, the price reacts. In this case, it increased by around 6%.
