Dogecoin, the popular cryptocurrency with a cult following, surged in value this week after Tesla CEO Elon Musk’s Twitter activity. A crypto trader has now come forward to claim that he made more than US$1.1 million (A$1.6m) in just a few minutes from the sudden surge in Dogecoin’s value, after Twitter changed its logo from the iconic blue bird to a Shiba Inu dog—the symbol of Dogecoin.
On Monday, a Twitter user known as Tree of Alpha allegedly earned an impressive profit within a 30-minute period due to the market fluctuation.
After tweets began circulating about the unexpected logo change, Tree of Alpha declared in a Twitter thread that they had purchased US$8 million (A$12m) worth of Dogecoin in three separate trades.
“The reasons I bought so much were: the fact that the image was actually the Doge logo and not just any random dog, Doge needing a new story and having been stagnant for some time, and the information being up to date which allowed me to get in early,” he wrote.
