This Week in Crypto Twitter: Dogecoin is the Star, Bitcoin Correlation With Gold at High, and More


Illustration by Mitchell Preffer for Decrypt

Cryptocurrency prices maintained steady in the past 7 days, other than Dogecoin. DOGE was undoubtedly the highlight of both Crypto and Twitter (and by extension, Crypto Twitter) this week, after Twitter’s high-profile CEO, Elon Musk, changed the iconic bird logo to an image of Doge, the Shiba Inu behind the renowned meme that inspired the coin.

Musk memed the new logo on Monday. He also reminded everyone that he first began to like the idea last month

In response to the logo change, DOGE surged 20% in less than an hour, however the rally quickly ran out of steam by Thursday, when the coin posted an intraday loss of over 8%. Twitter has since changed back to the old logo.

Also on Monday, Will Clemente, who co-founded digital asset research firm Reflexivity Research, shared some stats from blockchain analytics firm Kaiko indicating that throughout March, Bitcoin had reached its strongest correlation with gold in more than a year. 

This was primarily due to a lack of faith in TradFi institutions after serious liquidity crises swept through banks on both sides of the Atlantic, affecting Credit Suisse, and crypto/tech-friendly banks like Silvergate, Silicon Valley Bank and Signature. In most cases, governments intervened. 

On Tuesday, Uniswap’s creator Hayden Adams shared some stats that showed his exchange outpacing Coinbase throughout most of 2023 so far. Coinbase CEO Brian Armstrong jumped on the tweet to tell readers that his exchange had a lot to do with Uniswap’s massive numbers. 

That day, Mark Lamb, the co-founder of crypto exchange CoinFLEX issued an open letter to Bitcoin enthusiast and Bitcoin Cash promoter Roger Ver offering him an “olive branch” of “two years of free trading on OPNX,” a newly-launched claims exchange co-founded by Lamb. Alongside Ver, he included in his tweet Peter Smith, CEO and founder of crypto exchange, which supposedly also owes CoinFLEX millions.

The “olive branch” refers to ending a longstanding feud between the two. Lamb alleges that Ver owes CoinFLEX for an outstanding loan, the debt for which Lamb presently claims is $84 million. In June last year, Lamb formerly claimed the debt was $47 million. 

On Wednesday, MicroStrategy chairman Michael Saylor went and—yep, you guessed it—bought more Bitcoin. 

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