On April 4, 2023, cryptocurrency Dogecoin’s price rose over 30%. This development happened after Elon Musk, CEO, Twitter, altered the social media platform’s official blue bird emblem with a photo of the Shiba Inu meme.
Industry experts believe that DOGE’s price movement is driven by speculations but with Elon Musk’s support of the meme coin, users can expect to find a use case on the Twitter platform. “The latest DOGE rally is due to Twitter changing its logo to the DOGE icon, which suggests that Twitter might become a part of Twitter’s transition from Web2.0 to Web3.0,” Dhruvil Shah, SVP technology, Liminal, a wallet infrastructure platform, told FE Blockchain.
At the time of writing (11.19 am, Indian Standard Time), CoinMarketCap, a cryptocurrency price-tracking website, stated that Dogecoin was trading at $0.097, at a market capitalisation worth $13 billion. It’s believed that post the Twitter update, Dogecoin’s price started trading at around $0.10.
“I believe DOGE, the eight largest crypto by market capitalisation, surged by 25% in 24 hours after Twitter changed its logo to the DOGE icon. Elon Musk has been a supporter of the meme coin and talks about DOGE finding a use case on the Twitter platform have been doing rounds since then,” Shivam Thakral, CEO, BuyUcoin, a digital asset exchange, highlighted.
Moreover, Musk tweeted a screenshot of the discussion between him and a Twitter user, who gave the idea for the logo change, and captioned it, “As promised.” Apparently, Musk has been vocal about his support for Dogecoin, and has also engaged himself in promoting the cryptocurrency. Previously, Musk added Dogecoin to the payment structure of Tesla’s merchandise store.
“Although it has gained over 30% in the past week and is defying the larger trend in the cryptocurrency market, I think DOGE price is pushed by the news that Twitter has changed its logo to a picture of the cryptocurrency,” Om Malviya, president, Tezos India, a blockchain adoption entity, concluded on the development.