Dogecoin’s value surged by over 35% after Twitter replaced its blue bird logo with the cryptocurrency’s Shiba Inu dog, due to the influence of Twitter CEO Elon Musk’s support for the meme-inspired cryptocurrency.
The internet is buzzing with news of the recent surge in Dogecoin’s value, thanks to a surprising move by Twitter. The popular social media platform, which boasts over 330 million active users, made a change to its homepage that caught the attention of crypto enthusiasts worldwide. In a bold move, Twitter replaced its iconic blue bird logo with the well-known Shiba Inu dog, the official mascot of Dogecoin.
The effects of this change were immediate and significant. The price of Dogecoin skyrocketed by over 35% in just a few hours, reaching a high of $0.1046. This is a remarkable achievement for the meme-inspired cryptocurrency, which had struggled to break the 10 cents mark since December of the previous year.
The driving force behind Dogecoin’s recent success is none other than Twitter CEO, Elon Musk. Musk has been an avid supporter of the cryptocurrency, often using his vast social media following to promote it to his millions of followers. He has even gone as far as to suggest that Dogecoin could offer better payment functionality than Bitcoin, which has long been the dominant cryptocurrency in the market.
Musk’s influence on the crypto market was once again evident when he tweeted a cartoon image shortly after Twitter changed its logo. This was his first public comment after the change, and it further fueled the hype surrounding Dogecoin.
In January, rumors began to circulate that Twitter was working on a payment system that would allow users to make transactions through the platform. While Musk was initially hesitant to introduce cryptocurrencies to Twitter, he eventually warmed up to the idea, believing that it could be a game-changer for the industry. This news caused a stir in the crypto community and gave Dogecoin’s value a significant boost.