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Dogecoin rally continues on back of Twitter logo change

Dogecoin has maintained its increased value almost two days after maverick billionaire Elon Musk replaced Twitter’s logo with the cryptocurrency’s dog mascot.

Twitter’s blue bird logo was swapped out for dogecoin’s shiba inu on April 3, causing DOGE’s price to spike 30% on speculation of an official use for the currency in Twitter’s ecosystem.

The price has hovered at around the same level of just under 10 cents, and the logo has remained in place at the top of Twitter users’ screens, over the subsequent days.

Dogecoin was created as a joke in 2013 by American Billy Markus and Australian Jackson Palmer. The originally satirical purpose of the coin was overtaken by real world value in 2021, when at one point in the crypto bull market, DOGE reached over 70 cents.

There are over 138 billion DOGE in circulation, with a market capitalization of around $13b at today’s price.

Musk, who bought Twitter last year and has since caused upheaval at the social media company, did not comment directly on the logo change. He did tweet an altered version of a Larson cartoon referring to the switch, and also pasted an old conversation in which he was encouraged to buy Twitter and replaced the logo.

He accompanied the tweet with the words “As promised.”

The dog featured on dogecoin is Kabosu, a Japanese shiba inu, famous in the early 2010s as an internet meme.

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Polemos staff

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