On Monday, the price of Dogecoin surged as Twitter replaced its logo with the Shiba Inu mascot associated with the token. Visitors to the website were greeted with the new logo instead of the usual bird logo.
As news of the reference spread, Dogecoin’s price surged over 20% to approximately $0.092. This is the highest price the token has reached in more than a month, according to CoinGecko. The inclusion of Dogecoin’s mascot was the catalyst for the price increase.
Dogecoin is a cryptocurrency that was created in 2013 by software engineers Billy Markus and Jackson Palmer. It is based on the popular “Doge” internet meme, which features a Shiba Inu dog. Despite its humorous origins, Dogecoin has gained a significant following and has been supported by high-profile figures like Elon Musk.
Elon Musk, the CEO of Twitter, has been a prominent supporter of Dogecoin cryptocurrency. Musk has tweeted about the memecoin several times, which has contributed to its popularity among investors. At times, he has even allowed people to purchase select Tesla merchandise using Dogecoin. This has helped to increase the use and adoption of the cryptocurrency, despite critics who question its long-term viability as an investment.
The recent change to the Shiba Inu mascot on Twitter has generated a range of reactions from users. While some find the switch amusing and consistent with Elon Musk’s humor, others have expressed more mixed feelings about the change.
Musk paid $44 billion for Twitter and is now apparently using it as some sort of pump-and-dump scam for Dogecoin pic.twitter.com/qqroVRGeCy
— Judd Legum (@JuddLegum) April 3, 2023
Twitter’s so busted their April Fools joke can’t even update on time https://t.co/ad6u2Gic1k
— TheNCSmaster (@TheNCSmaster) April 3, 2023
Elon Musk acknowledged the change and tweeted, “as promised,” along with a screenshot of a conversation from a year ago. In the conversation, another user had suggested that Musk should “just buy Twitter” and “change the bird logo to a doge.”
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023