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Dogecoin price soars after Elon Musk replaces Twitter logo with shiba inu dog

Brian McGleenon
Updated ·2-min read
A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency Dogecoin in this illustration taken June 16, 2022. REUTERS/Dado Ruvic/Illustration
Twitter’s blue bird logo replaced with dogecoin meme. Photo: Dado Ruvic/Reuters (Dado Ruvic / reuters)

Twitter has changed the logo on the social media platform's website from the iconic blue bird to an image of a Shiba Inu dog associated with the dogecoin cryptocurrency.

The price of dogecoin (DOGE-USD), which is typically volatile, soared 35% in the past 24 hours, now sitting at $0.09 per token, according to data from Coingecko.

Elon Musk followed up the development with a tweet suggesting the change was "as promised".

The Twitter and Tesla CEO has been a vocal advocate of dogecoin, arguing that the meme-based cryptocurrency might surpass bitcoin (BTC-USD) in terms of payment capabilities.

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Musk is currently facing a $258bn lawsuit, which claims he operated a pyramid scheme to promote dogecoin.

Last week, Musk's lawyers petitioned a US court to dismiss the dogecoin-related lawsuit.

The latest dogecoin development at Twitter HQ has reinforced the persistent rumours that Musk is planning to allow dogecoin payments on the social media platform.

Read more: Crypto live prices

However, the rumours have yet to receive any validity other than Musk's hint that the platform might accept dogecoin payments for Twitter Blue subscriptions.

About a year ago, Musk suggested there could be "an option to pay in doge", when discussing the need for Twitter Blue subscriptions.

Twitter has shown it is keen to incorporate web3 innovations in the past. Under the reign of Twitter founder Jack Dorsey, the social media platform planned to support authentication for NFTs, or non-fungible tokens, which are digital assets such as images or videos that exist on a blockchain.

Dogecoin was launched in 2013, by two software engineers as a lighthearted project. The name pays tribute to the "doge" meme that gained popularity around a decade ago.

Read more: Binance: Investors withdraw more than $2bn after enforcement action by US regulators

The memecoin logo consists of a shiba inu Japanese breed of dog encircled by comic sans text in fragmented English.

The global cryptocurrency market cap stood at $1.22tn on Tuesday, an increase of 1.4% in the past 24 hours, according to Coingeck data.

Bitcoin rose 0.8% to stand at $28,135, and ethereum (ETH-USD), second largest cryptocurrency by market cap, stood at $1,821, an increase of 1.5% in the past day.

Watch: Polygon to 'overtake Ethereum in terms of economic activity,' claims co-founder | The Crypto Mile

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