Although some think that the change of Twitter’s logo from the little white bird to Dogecoin’s Shiba Inu dog was a disinterested act, time proves otherwise. Last Monday, Elon Musk changed the social network’s logo and since then, the meme currency has increased its value in the market.
In case you don’t remember, the digital currency was born from a meme, as a satire, amid the cryptocurrency frenzy in 2013. In total, it added as much as $4 billion to its market value. With a capitalization of $13.7 billion, dogecoin ranked as the seventh largest cryptocurrency. Before the logo change, its value hovered around $10 billion.
Last April 3, Elon Musk announced, through his official Twitter account, the change of the social network’s logo. As always, it was brief; he posted an image of the Shiba Inu dog presenting his ID to a policeman who holds the document that has the classic Twitter logo in the photo. Meanwhile, the dog argues that “it’s an old photo”.
Since then, the cryptocurrency has jumped more than 35%, while the rest of the market remains in gloom. In the next 24 hours after the logo change, some 5.12 billion DogeCoin were exchanged. Of course, this is not the first time that Elon Musk, godfather of the cryptocurrency, boosts its value.
In October last year, after Musk acquired Twitter for $44 billion, dogecoin increased in value. This is because even before that, the billionaire had announced that they were analyzing strategies on how blockchain and crypto could be useful on Twitter.
Now, we will have to wait for the billionaire’s next moves on Twitter and if he will really implement blockchain on the social network.