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Business News/ News / World/  Dogecoin jumps as Elon Musk's Twitter flips logo to Shiba Inu dog
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Dogecoin jumps as Elon Musk's Twitter flips logo to Shiba Inu dog

The token, born as a satire of a cryptocurrency frenzy in 2013 and has no fundamental use, surged to 10 cents from 7 cents

FILE PHOTO: A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency Dogecoin in this illustration taken June 16, 2022. REUTERS/Dado Ruvic/Illustration/File Photo (REUTERS)Premium
FILE PHOTO: A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency Dogecoin in this illustration taken June 16, 2022. REUTERS/Dado Ruvic/Illustration/File Photo (REUTERS)

Dogecoin's Shiba Inu dog replaced Twitter's blue bird as the social media company's logo on Tuesday, helping the meme coin add as much as $4 billion to its market value.

The token, born as a satire of a cryptocurrency frenzy in 2013 and has no fundamental use, surged to 10 cents around 1500 EST from 7 cents as Elon Musk indicated in a tweet on Monday he had delivered on his promise of changing the social media app's logo to dogecoin's dog.

With a market capitalization of $13.7 billion, dogecoin is now the seventh biggest cryptocurrency, according to data site CoinMarketCap.com. Its market value stood at around $10 billion before the news.

Musk, who is ranked as the second-richest person in the world by Forbes, is a vocal proponent of cryptocurrencies and has heavily influenced prices for dogecoin and bitcoin in the past.

The Tesla boss on Friday asked a U.S. judge to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support dogecoin.

Dogecoin more than doubled in October after Musk, dubbed "the dogefather" by retail traders, sealed a $44 billion deal to take over Twitter in October.

The shiba inu token, a spinoff of dogecoin which trades in fractions of cents, rose 5.6% to $0.000014. 

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Published: 04 Apr 2023, 08:48 PM IST
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