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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Elon Musk Lifts Twitter Ban On Dogecoin Accounts; DOGE Pumps 7% – Here’s What Happened

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Dogecoin

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Amidst all of the hustle and bustle surrounding the reorganization of Twitter and the revelations of the “Twitter Files,” Elon Musk took the time a few hours ago to fix a pressing problem for the Dogecoin community.

In recent days, Musk had declared war on the spam bots on Twitter. In doing so, the algorithm and the Twitter team may have been a bit too harsh.

Musk Stands By For The DOGE Community

Dogecoin founder Billy Markus wrote on Twitter that more than a dozen Dogecoin Twitter accounts were suspended last weekend, even though they were mainly just tweeting DOGE memes. Markus wrote that these accounts were unjustly suspended:

A whole bunch of accounts of people who, as far as I know, generally don’t do anything but tweet memes and positivity are being suspended. Pretty weird man.

Twitter CEO Elon Musk, who through a representative is part of the Dogecoin Foundation’s five-member advisory team alongside Markus and Vitalik Buterin, responded to the tweet within three hours.

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Musk wrote that his Twitter team had been a bit too aggressive with the suspension of spam bot accounts. “Team was a bit too intense with spam/bot suspensions. Moving to chill mode,” Musk replied.

Dogecoin founder Markus then confirmed that the accounts have been reactivated “Welcome back Doge accounts. ty @elonmusk,” Markus added.

https://twitter.com/BillyM2k/status/1599636941028618240

Remarkably, this wasn’t the only incident where Elon Musk showed his love for Dogecoin over the last weekend. According to Matt Wallace, Elon Musk was spotted on Saturday wearing a black Dogecoin t-shirt, displaying the mascot of DOGE, a Shiba Inu wearing a cowboy hat and sunglasses.

Elon Musk just Spotted Wearing a #Dogecoin T-Shirt 🚀❤️😊 pic.twitter.com/MOpphdPdw2

— Matt Wallace (@MattWallace888) December 3, 2022

Dogecoin Price Pumps 7% After Musk’s Endorsements

The Dogecoin (DOGE) price initially showed no reaction to Elon Musk’s tweet. This is unusual, as Musk usually triggers a small or large rally with every tweet about the meme coin. However, nothing happened in the first hour after the tweet.

This has changed in the last couple of hours. The DOGE price rose to $0.1118 at one point, recording an increase of around 7.5% within an hour.

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However, the FOMO quickly flattened out. DOGE was trading at $0.1076 at press time, still posting a gain of around 4% over the past 24 hours.

The move has bounced off the important $0.11 resistance zone again. For DOGE it is already the fourth rejection within the last month at this mark. The price had fallen below it on November 7.

To initialize a stronger upward movement towards the zone between $0.135 and $0.14, DOGE needs to overcome the key resistance at $0,11 in the 4-hour chart.

Dogecoin DOGE USD 2022-12-05
Dogecoin price rejected at $0,11, 4-hour chart. Source: TradingView
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

Read more

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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