Elon Musk recently posted a photo of his Shiba Inu dog sitting in his Twitter office, which sent the DOGE market cap up b $500 million within minutes.
Elon Musk’s influence on Twitter was undeniable even before he bought the social media platform and became its new CEO. Since Elon is a huge fan of Dogecoin (DOGE), each of his tweets referencing the coin in any way has been known to send DOGE’s price up, sometimes causing an entire bull run.
Recently, Musk posted a photo of his own Shiba Inu dog sitting in his office chair, introducing his pet as the “new CEO of Twitter.” What was meant to be just a funny photo of a dog running a company ended up being a spark that started a massive purchase of DOGE, leading its market cap up by $500 million within minutes from the moment the photo was posted.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
While many view this as just another funny event regarding the market’s reaction to the amusing tweet of the world’s favorite billionaire, the strong reaction indicates that Musk’s posts have a massive influence on Dogecoin’s popularity.
India is a good example of this. Given the fact that Twitter is one of the last platforms that allow free speech in the country, Twitter is a preferred social platform of a lot of people. Add the fact that India is one of the most populous nations on the planet — expected to overtake China’s position as number #1 in this regard relatively soon — and it is easy to see how Musk’s promotions of Dogecoin could lead to this single cryptocurrency overtaking Indian market.
DOGE could blow up in India in 2023
So far, Indian crypto users have been focused on buying Bitcoin with services like Paytm, but with so many of them using Twitter for the benefit of free speech and Musk’s influence on Twitter now being undisputed, his promotions of Dogecoin could lead many to start investing into the asset.
After all, investors tend to buy what they can see, and DOGE has a much greater presence and community on Twitter than most other cryptos.
As a result, it is possible that Dogecoin will start receiving a lot more attention and usage in the Asian subcontinent of India in 2023, which is why all the number of Indian investors who buy Dogecoin with Paytm has surged ever since, effectively heralding the time of a new bull run looming on the horizon.
Of course, this is not something definitive, and Indian investors, just like all others, are encouraged to do their own research before committing to any one project. However, the circumstances do seem to be in favor of Dogecoin, as it is receiving a major explosion in one of the most populated countries in the world.
Besides that, India is quite eager to start using cryptocurrencies, and with the massive DOGE surge sparked by the coin’s popularity and Twitter references, investing in it would be deemed desirable, not only for its references by the CEO of Twitter but also for its earning potential.