Dogecoin (DOGE), one of the largest virtual currencies in the market, has surged by 25% in the last 24 hours as Elon Musk decided to replace Twitter’s traditional bird logo with Shiba Inu. Shiba Inu is a breed of hunting dog from Japan that is used in the logo of the popular meme virtual currency Dogecoin (DOGE). Other coins have been created based on Shiba Inu, including SHIB.
Dogecoin Skyrockets As Elon Musk Replaces Twitter Logo with Shiba Inu
According to CoinGecko, Dogecoin skyrocketed in the last 24 hours as Elon Musk, the founder of Tesla, decided to change the popular bird logo of Twitter with a Shiba Inu dog. Investors are always focused on what Elon Musk says as his words or actions linked to Bitcoin and digital currencies have a strong effect on the market. This can be seen in the fast price increase experienced by Dogecoin.
Before Musk’s decision to change Twitter’s logo, DOGE was being traded for close to $0.076 per coin. After the news reached social media and news outlets, the price of this virtual currency surged above $0.10 per coin. Now, the price remains stable between $0.095 and $0.10.
The announcement was made a few hours ago by Elon Musk on Twitter. He said that “as promised” he changed the bird logo to a “doge.” He made also a reference to a conversation he had a few years ago with the Twitter handle @WSBChairman.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
This was one of the last actions made by Elon Musk that had an impact on Dogecoin’s price. Over the last few years, there have been multiple examples in which Elon Musk mentioned or talked about Bitcoin or Dogecoin and the price of these virtual currencies moved higher. Additionally, as the CEO of Tesla, he took different decisions that pushed the price of these two cryptocurrencies higher.
At the moment, there is no information on whether this logo change will be permanent and if there will be an impact on the App logo for smartphones. Furthermore, Twitter’s interface and colours remain the same, which might suggest that there will be no further changes to Twitter’s design and how it looks like.
Dogecoin: Musk’s Favourite Crypto
Dogecoin has gained significant traction in the cryptocurrency market due to its unique branding and community-driven approach. Its inception as a parody of Bitcoin, based on the popular Shiba Inu dog meme, initially caused many to dismiss it as a joke. However, its continued growth in popularity and price has garnered attention and investment from individuals and institutions alike. This has led to Dogecoin being recognized as a serious player in the world of cryptocurrency, despite its unconventional origins.
The community behind Dogecoin is also a major factor in its success. With a large and active following on social media platforms such as Reddit and Twitter, the Dogecoin community has become known for its charitable endeavors and support of various causes.
They have raised significant amounts of money for initiatives such as building wells in developing countries and funding the Jamaican bobsled team’s trip to the Winter Olympics. This sense of community and altruism has helped to further legitimize Dogecoin as a viable cryptocurrency option.
Despite its popularity, Dogecoin is not without its critics. Some argue that its lack of technical innovation and use cases make it little more than a speculative asset.
Others point to the potential risks of investing in a largely unregulated and volatile market. However, with its strong brand recognition and passionate community, Dogecoin has solidified its place in the world of cryptocurrency and continues to attract new investors and supporters.
At the time of writing this article, Dogecoin is being traded at $0.0969 and it has a market capitalization of $13.46 billion. With a circulating supply of 138 billion, DOGE became the 8th largest virtual currency in the world as we speak.
Nevertheless, DOGE might not reach Bitcoin’s price. Indeed, it is far from the biggest crypto in the market. Bitcoin has a price of $28,000 and a market valuation of $541 billion. Despite not growing as fast as Dogecoin, Bitcoin is the most popular virtual currency in the world.