Dogecoin, the meme-inspired cryptocurrency, recently made headlines when Twitter Logo replaced with a Shiba Inu dog replaced Twitter’s iconic blue bird as the social media platform’s profile picture. The move has since been credited with adding up to $4 billion to Dogecoin’s market value.
Despite having no fundamental use and being initially created as a satire of cryptocurrency, Dogecoin continues to gain popularity, with its value surging from 7 cents to 10 cents following Elon Musk’s tweet about the logo change. With a current market capitalization of $13.7 billion, Dogecoin is now the seventh-largest cryptocurrency in the world.
Musk, a vocal proponent of cryptocurrencies, has heavily influenced Dogecoin’s value in the past, and his recent involvement in the social media app’s logo change has added to its popularity. However, his association with Dogecoin has also resulted in legal troubles, with a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency.
Meanwhile, the appearance of Dogecoin’s Shiba Inu logo on Twitter has raised questions about the platform’s plans to adopt cryptocurrency. Despite Binance’s investment of $500 million into Musk’s buyout of Twitter, the platform has yet to announce any specific crypto initiatives.
The rise of Dogecoin and its spinoff token, Shiba Inu, has taken the cryptocurrency market by storm. While some experts remain skeptical about its future prospects, there’s no denying that the Shiba Inu logo’s appearance on Twitter has added to its growing popularity.
