Dogecoin surges after Twitter replaces its logo with Shiba Inu

Dogecoin, the well-known memecoin, witnessed a growth of about 30 percent today, soon after Twitter CEO, Elon Musk changed the social media platform’s logo into the dog meme.

On Tuesday, Twitter changes its iconic bird logo with a cartoon of the Shiba Inu that is the face of the Doge meme, on its homepage, creating a frenzy among the coin holders, though there was no change on Twitter's mobile app. The move created a frenzy among the coin holders and shortly after the change, Dogecoin’s price zoomed over 30 percent, i.e., to more than $0.10 for the first time in months.

Musk, in his typical style, tweeted a meme noting the change.

pic.twitter.com/wmN5WxUhfQ

— Elon Musk (@elonmusk) April 3, 2023

Musk, a well-known supporter of DOGE

Here, it must be mentioned the above-mentioned dog image is of Shiba Inu which is the logo of Dogecoin, initially started as a joke in 2013.

It must be noted that last year, Elon Musk bought Twitter for $44 billion. He has been responsible for pumping the prices of Dogecoin on several occasions by sharing various references and memes relating to the dog-themed cryptocurrency on his social media feed.

Interestingly, the Tesla boss did not mention the reason for the change. However, some users opine that it was meant to be an April Fool's Day gag that the company could not bring in on time on 1 April.

According to Dhruvil Shah, SVP Technology at Liminal, a wallet infrastructure and custody solutions platform, “The price movement of DOGE is mainly driven by news/speculations but with Elon Must openly supporting the meme coin, we can expect DOGE to find a mass use case on the Twitter platform. The latest DOGE rally is mainly due to Twitter changing its logo to the DOGE icon, which suggests that Twitter might become an integral part of Twitter’s transition from Web2 to Web3 entity.”

At the time of writing this article, Dogecoin was up by 25.15 percent to $0.09853 over the last 24 hours.