Famous memecoin, Dogecoin, gained over 30% today in the hours leading up to press time after Elon Musk’s Twitter replaced the regular blue bird logo with the cryptocurrency’s Shiba Inu’s dog logo. Crypto Twitter erupted following the changes, with Dogecoin surging from around $0.08 to over 10 cents.
Before the Twitter bird logo was reinstalled, viewers opening the domain saw a Shiba Inu logo instead of the well-acquainted batch. The update sparked mixed reactions among website users as they wondered what Twitter CEO Elon Musk had up his sleeves.
Elon’s a Dogecoin Believer
The Twitter owner has not stated the reason for the update; however, he has never hidden his support for the meme coin. Elon has previously suggested that DOGE may be a better payment option than the largest cryptocurrency, Bitcoin.
Since the start of Elon’s tenure, he has initiated plans to add a payment option to the social media platform. Although the proposal was to add the option for fiat currency initially, the Twitter CEO didn’t rule out the possibility of adding cryptocurrencies later.
In a tweet, Elon said that Tesla would accept Dogecoin as a means of payment back in 2021. He, however, faced a $258 billion lawsuit for allegedly promoting the meme coin.
Elon and Dogecoin’s love affair started back in 2019 when he tweeted that the meme coin “might be his favorite,” saying that the Shiba Inu mimic was “pretty cool.” The billionaire revealed that he held Dogecoin, raising the dust that he may be the whale that owns over 36 billion of the token.
Dogecoin Overtakes ADA in Market Value
Following the recent uptrend, Dogecoin has overtaken Cardona’s ADA to become the seventh-largest cryptocurrency in the world by market cap. The meme coin saw its market cap increase by 26% in 24 hours to over $13 billion.
With little movement across the crypto market, Dogecoin slid comfortably into the top gainers today. Dogecoin reached its highest price in over a month, according to CoinGecko, outperforming Bitcoin and Ethereum.
