Crypto investors are waking up this morning to a pleasant surprise. After a long bout of volatility and some rapid losses, holders of digital assets are finally seeing some upward movement with their portfolios. One winner, getting some extra love through Twitter, is Dogecoin (CCC:DOGE-USD). The original meme coin is seeing some sizable gains to start the day, piggybacking off of rumors out of the McDonald’s (NYSE:MCD) camp. Tweets from the fast food pharaoh have DOGE crypto holders — including a certain Elon Musk — chatting about potential new uses for their assets.
Indeed, the plunging crypto market is showing its first signs of relenting this morning. Most every crypto in the top 100 largest projects is trading in the green. Things are still a long way from normal; most of these currencies are still facing losses of 20%, 30% or even 40% on the last week alone. Still, it’s a sign that the market won’t remain bearish forever.
In wake of the turnaround, projects are beginning to fall back into the rumor mill that can send cryptos flying upward in the matter of just a few buzzworthy tweets. Dogecoin is one such coin, with gains coming from a handful of McDonald’s tweets.
A Fast Food Twitter Team Stirs Chatter Around the DOGE Crypto, Inspires Elon Musk
McDonald’s really stepped up its crypto Twitter game yesterday as a result of the crash. Many crypto investors were jokingly discussing needing to take up new careers as their holdings continued to fall; McDonald’s latched onto the moment, bantering back and forth with the crypto community. In the midst of this banter, they sent rumors rocketing around the company potentially accepting the DOGE crypto.
One user and Dogecoin bull confronted the McDonald’s Twitter account over when it will accept DOGE as a payment method at its restaurants. The simple reply doesn’t say payments are imminent, but it doesn’t rule them out either:
We appreciate hearing your interest and continuously evaluate the payments experience.
— McDonald's (@McDonalds) January 25, 2022
The tweet is causing a stir among Dogecoin bulls; it’s even catching the attention of Tesla (NASDAQ:TSLA) leader Elon Musk. Musk tweeted this morning about the exchange, saying if McDonald’s accepts Dogecoin, he will “eat a Happy Meal on TV.”
As investors continue to wait on a response from the fast food chain, the DOGE crypto is posting gains of about 6% on the day. Trading volume is up vastly over yesterday’s, with nearly $1.5 billion DOGE trading hands so far.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.