Dogecoin's Value Surges, Post Changes In Twitter Logo To Shiba Inu By Elon Musk

The volatile cryptocurren value skyrocketed by more than 30% within 30 minutes after Elon Musk changed Twitter logo to a Dogecoin on its website on Monday, for no apparent reason. The bluebird logo was replaced with the "doge" meme of the Dogecoin cryptocurrency, as per Forbes reporting in NDTV news.

However, it is reported, that there was no change on Twitter's mobile app, but soon after the change on the website, the value of cryptocurrency, Dogecoin skyrocketed. The price was pushed breifly to more than $0.10 for the first time in months, according to Forbes.

As per the news report, the doge image (of a Shiba Inu) is well-known to represent the logo of the Dogecoin blockchain and cryptocurrency, which was created as a joke in 2013 -- to mock other cryptocurrencies like Bitcoin, Variety reported.

In the past, Musk has expressed support for dogecoin and is even involved in a legal battle around it. According to Variety, Musk, who bought Twitter last fall in a USD 44 billion deal, is a well-known superfan of the Doge meme and he has promoted Dogecoin both on Twitter and during his appearance last year hosting "Saturday Night Live." After the change to Twitter's web logo Monday, the value of Dogecoin rose more than 20 per cent.

Twitter's CEO also shared the screenshot of the March 26, 2022, conversation between him and the anonymous account where the latter was asking to change the bird logo to "doge." Sharing this post on Twitter, Musk wrote, "As promised."