Dogecoin spikes 6% following Twitter’s new move

Dogecoin (DOGE) spiked by more than 6% after Twitter announced a partnership with the social trading platform eToro, according to CryptoSlate’s data.

The partnership will allow users to buy stocks and cryptocurrencies on eToro directly from the Twitter app, CryptoSlate reported.

eToro confirmed the development, saying its $Cashtags partnership will enable Twitter users to get real-time data and charts about these assets.

Following the news, Elon Musk’s favorite cryptocurrency Dogecoin rallied to as high as $0.0877, according to CryptoSlate’s data.

The meme coin has since retraced to $0.08686 at the time of writing.

Several DOGE enthusiasts interpreted Twitter’s move as Elon Musk’s latest effort toward integrating the meme coin into the social media platform.

Meanwhile, this is not the first time Twitter’s actions and announcements have heavily influenced DOGE’s performance since Musk bought the platform in October 2022.

The token reached as high as $0.14 in November 2022, riding on expectations of Musk’s plan for the asset.

Its value also significantly spiked after the social media platform changed its logo to the Shiba Inu dog. At the time, DOGE rallied by more than 30% but soon crashed after Twitter restored its original logo.

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