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Dogecoin Soars After Twitter Replaces Its Blue Bird Logo With the Token's Dog
In the past Twitter CEO Elon Musk has shown himself to be a fan of the meme coin.
Dogecoin (DOGE) surged more than 35% after Elon Musk's Twitter replaced the social-media platform's familiar blue bird atop its homepage with the cryptocurrency's iconic Shiba Inu dog logo.
DOGE got as high as $0.1046 versus around $0.077 right before the logo change. Before Monday, its price last exceeded 10 cents in December, according to CoinDesk data.
STORY CONTINUES BELOW
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Musk has frequently touted DOGE, suggesting the meme coin may offer better payments functionality than bitcoin (BTC). In January the Financial Times reported that Twitter was designing a system to permit payments through the social-media platform. While Musk, who is the CEO, wanted Twitter "first and foremost" to be for fiat currencies, he sought the ability to add cryptocurrencies – a story that gave the price of DOGE a lift.
Read more: Elon Musk Wants Twitter Payments System to Accommodate Crypto: FT
A bit more than an hour after the logo change, Musk tweeted out a cartoon image as his first public comment.
— Elon Musk (@elonmusk) April 3, 2023
UPDATE (April 3, 2023, 18:09 UTC): Updates prices and adds historical price information.
UPDATE: (April 3, 2023, 18:33 UTC): Updates prices and adds Financial Times story from January.
UPDATE: (April 3, 2023, 19:02 UTC): Adds tweet from Elon Musk.
UPDATE (April 3, 2023, 19:47 UTC): Updates prices.
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
