Dogecoin’s cute Shiba Inu dog replaced Twitter’s blue bird

The body will be called Doge for short, a cheeky nod to the meme and Dogecoin cryptocurrency, represented by a picture of a Shiba Inu dog, that Mr Musk has long promoted. 

On last Tuesday, Dogecoin’s cute Shiba Inu dog replaced Twitter’s blue bird as the logo for the social media platform. This change has helped Dogecoin gain about $4 billion in value. Dogecoin began in 2013 as a joke about the cryptocurrency craze and does not have many practical uses. After the logo change was announced, Dogecoin’s price directly jumped from 7 cents to 10 cents around 3 PM Eastern time. All thanks to a tweet from Elon Musk. He had promised to make this logo change.

Now, Dogecoin’s total market value is about $13.7 billion which make it the seventh largest cryptocurrency, according to CoinMarketCap. Before this news, its market value was around $10 billion.

Elon Musk who is the second wealthiest person in the world according to Forbes is a strong supporter of cryptocurrencies. In the past, he has heavily influenced the prices of Dogecoin and Bitcoin with his comments and actions. Recently, he even asked a US judge to dismiss a lawsuit which accuse him of running a pyramid scheme to boost Dogecoin and it has claimed total $258 billion in damages.

In October, Dogecoin’s price more than doubled after Musk finalized a deal to buy Twitter for $44 billion which earn him the nickname “the dogefather” among his fans. Another cryptocurrency related to Dogecoin is called Shib which is worth much less and trades in tiny amounts also saw a small increase. Its price went up by 5.6% to $0.000014.

The switch of Twitter’s logo to the Dogecoin dog made many people talk about Dogecoin which lead to a big jump in its price. This event showed that how much power Elon Musk has over the cryptocurrency market. People are still excited about Dogecoin which watches its price go up and down and it hopes for more gains.