On Monday, Twitter replaced its blue bird logo with the Shiba Inu dog from Dogecoin, which helped boost the meme coin’s market value by up to $4 billion. Dogecoin, created as a satire of the cryptocurrency frenzy in 2013 and with no intrinsic value, surged on Tuesday to 10 cents around 1500 EST from seven cents after Elon Musk tweeted that he had fulfilled his promise of changing Twitter’s logo to Dogecoin’s dog. With a market capitalization of $13.7 billion, Dogecoin has now become the seventh-largest cryptocurrency, according to CoinMarketCap.com. Prior to the news, its market value was approximately $10 billion.
Musk, a strong advocate of cryptocurrencies who has heavily influenced Dogecoin and Bitcoin prices in the past, asked a U.S. judge on Friday to dismiss a $258 billion racketeering lawsuit against him for running a pyramid scheme to support Dogecoin.
In October, Dogecoin more than doubled in value after Musk, also known as “the dogefather” to retail traders, announced a $44 billion deal to acquire Twitter. Cryptocurrency exchange Binance, which invested $500 million into Musk’s Twitter takeover, said it was brainstorming ways to incorporate blockchain and crypto into Twitter. However, Stéphane Ouellette, the CEO of digital asset investment platform FRNT Financial, stated that Twitter has yet to announce any crypto-specific initiatives a year later. It remains to be seen whether the appearance of the Dogecoin logo is more than a joke. The Shiba Inu token, which is a derivative of Dogecoin and trades in fractions of cents, increased 5.6% to $0.000014 on Tuesday.
Sources : CGTN