Thanks to Elon Musk, the owner of DOGE cryptocurrency earned more than $ 1 million in just 30 minutes

The surge in the value of Dogecoin allowed a trader under the nickname Tree of Alpha to earn $ 1.1 million in just half an hour. The sharp growth of the meme coin was due to another prank of Elon Musk — on the evening of April 3, the famous blue Twitter bird was changed to the DOGE token symbol.

1/ Yesterday's Doge trade: On reacting, Sizing, and being degenerate when you need to be.
The essence of News Trading isn't speed, it is knowing when to size up.

I all started when someone in the Tree News Discord posted that they were seeing the Doge icon as the Twitter logo. pic.twitter.com/483AnBWMUk

— Tree (@Tree_of_Alpha) April 4, 2023

As Tree of Alpha told The Block, the trader managed to make $1.1 million in net profit for an investment of $8 million. Tree of Alpha was one of the first to learn about the news of the logo change and decided to buy DOGE immediately. When the price of Dogecoin rose significantly just half an hour after purchasing the tokens, the trader sold his entire portfolio for $9.1 million.

7/ Some of the factors that made me exit around the 0.095 mark were:
-There was still a chance of a late April Fool's joke
-I had to go take a walk on my treadmill and cook
-Elon could have tweeted something debunking the whole thing like he has done before.
-it is a lot of money

— Tree (@Tree_of_Alpha) April 4, 2023

According to CoinGecko, the value of DOGE $0.13 Dogecoin 1.91% Market capitalization $18.21 billion VOL. 24 hours $45.02 million dropped by 8.9% over the past day, while on the weekly chart, the token’s price is still positive, up 17.8%.

After Twitter’s logo was changed, Lookonchain analysts recorded an increase in Dogecoin whale activity amid the coin’s rising price. Crypto community members suggested that Elon Musk was one of the major DOGE investors whose actions were recorded by the researchers. If he wanted, the businessman could easily make money on changing the logo, because any actions he takes to promote Dogecoin always cause the coin to grow.

Many members of the cryptocurrency community took this update as a hint of DOGE’s integration into Twitter. Rumors that Elon Musk would try to add transfers from DOGE to the social network have been circulating since the businessman acquired the platform. However, in early December 2022, information about the platform’s plans to launch its own cryptocurrency, Twitter Coin, appeared online.