On Tuesday, Dogecoin’s Shiba Inu dog replaced Twitter’s blue bird as the social media company’s logo, resulting in the meme coin’s market value surging up to $4 billion.
As promised pic.twitter.com/Jc1TnAqxAV— Elon Musk (@elonmusk) April 3, 2023
The token, which was born as a satire of the cryptocurrency frenzy in 2013 and lacks fundamental use, saw a surge to 10 cents around 1500 EST from 7 cents after Elon Musk tweeted on Monday indicating that he had fulfilled his promise of changing the social media app’s logo to Dogecoin’s dog.
According to data site CoinMarketCap.com, with a market capitalization of $13.7 billion, Dogecoin now ranks as the seventh biggest cryptocurrency. Before the news, its market value stood at around $10 billion. Musk, who Forbes ranks as the second-richest person in the world, is a strong supporter of cryptocurrencies and has heavily influenced the prices of Dogecoin and Bitcoin in the past. In October, Dogecoin’s value more than doubled after Musk, dubbed “the dogefather” by retail traders, announced a $44 billion deal to take over Twitter. The Shiba Inu token, a fraction-of-a-cent spinoff of Dogecoin, increased by 5.6% to $0.000014.