• Dogecoin (DOGE) surged more than 35% after Elon Musk’s Twitter replaced the social-media platform’s familiar blue bird logo with the cryptocurrency’s iconic Shiba Inu dog logo.
• Elon 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.
Dogecoin Surges After Twitter Logo Change
Dogecoin (DOGE) surged more than 35% after Elon Musk’s Twitter replaced the social-media platform’s familiar blue bird logo with the cryptocurrency’s iconic Shiba Inu dog logo. The price of DOGE got as high as $0.1046 versus around $0.077 right before the change. Before Monday, its price last exceeded 10 cents in December, according to CoinDesk data.
Musk’s Support for Dogecoin
Elon Musk has frequently touted DOGE, suggesting the meme coin may offer better payments functionality than Bitcoin (BTC). This past January, The Financial Times reported that Twitter was designing a system to permit payments through the social-media platform and that Musk wanted it “first and foremost” to be for fiat currencies but also sought out adding cryptocurrencies—a story which gave DOGE a lift in its price.
Twitter Payment System
In January The Financial Times reported that Twitter was designing a system to permit payments through the social-media platform and that Musk wanted it “first and foremost” to be for fiat currencies but also sought out adding cryptocurrencies—a story which gave DOGE a lift in its price. It is yet unknown whether this payment system will actually launch or not but if it does, it could open up new doors for Dogecoin use cases as an accepted form of payment on one of today’s most popular platforms.
Musk Tweets Cartoon Image
A bit more than an hour after the logo change, Musk tweeted out a cartoon image as his first public comment on what had happened earlier in the day with his company changing its famous bluebird logo into Dogecoin’s Shiba Inu dog mascot: pic.twitter.com/wmN5WxUhfQ— Elon Musk (@elonmusk) April 3, 2023
Conclusion
The recent surge of Dogecoins is due largely to support from tech mogul Elon Musk who seems eager to give crypto users something new by introducing cryptocurrencies into mainstream platforms like Twitter as well as potentially creating a whole new way of making digital payments easier and faster with blockchain technology solutions like DeFi protocols or other decentralized applications built on top of Ethereum blockchain networks or similar ones like Polygon or Binance Smart Chain networks