After Elon Musk’s Twitter replaced its usual blue bird icon with the popular Dogecoin (DOGE) Shiba Inu dog logo on its homepage, the cryptocurrency surged by over 35%.
DOGE reached a peak of $0.1046 compared to approximately $0.077 before the logo change. According to CoinDesk data, its price last exceeded 10 cents prior to Monday in December.
Musk has often championed DOGE, implying that the meme coin may offer superior payment capabilities than bitcoin (BTC). The Financial Times reported in January that Twitter was developing a payment system for the social media site.
While the CEO, Elon Musk, wanted Twitter to be “first and foremost” for fiat currency, he also sought the possibility of incorporating cryptocurrencies. This story boosted the price of DOGE.
Musk tweeted a cartoon image as his first public remark somewhat more than an hour after the logo redesign.
The tweet was followed by a screenshot of his old conversation regarding the change. Essentially, he has admitted for quite some time that he would find this amusing, which is highly cringe-inducing.
A lawsuit has been filed against Musk by investors who allege that he increased the value of Dogecoin to the detriment of other investors. Despite this, Dogecoin is featured as Twitter’s logo just two days after April Fools’ Day.