On Tuesday, Dogecoin’s Shiba Inu dog replaced Twitter’s blue bird as the social media company’s logo, boosting the meme coin’s market worth by up to $4 billion.
Elon Musk suggested in a tweet on Monday that he had delivered on his promise of changing the social media app’s logo to dogecoin’s dog, and the token, which was born as a satire of a cryptocurrency frenzy in 2013 and has no fundamental use, surged to 10 cents around 1500 EST from 7 cents.
According to data portal CoinMarketCap.com, dogecoin is now the seventh largest cryptocurrency, with a market capitalisation of $13.7 billion. Before the report, its market value was around $10 billion.
Musk, the world’s second-richest individual according to Forbes, is a vocal proponent of cryptocurrencies and has previously influenced dogecoin and bitcoin prices.
As promised pic.twitter.com/Jc1TnAqxAV — Elon Musk (@elonmusk) April 3, 2023
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Tesla CEO Elon Musk requested a US judge on Friday to dismiss a $258 billion racketeering lawsuit accusing him of operating a dogecoin pyramid scheme.
Dogecoin more than doubled in October after Musk, nicknamed “the dogefather” by retail traders, agreed to buy Twitter for $44 billion in October.
The shiba inu cryptocurrency, a dogecoin fork that trades in fractions of cents, increased 5.6% to $0.000014.
