The value of cryptocurrency Dogecoin jumped around 30% on April 4 after billionaire Elon Musk-led Twitter changed its blue bird logo to Shiba lnu dog, the logo of the popular meme crypto currency. The image of Shiba Inu dog, which was initially created as a joke in 2013, was observed by Twitter users on the web version of the platform. However, there was no change visible on the microblogging site’s mobile app.
Twitter users on Tuesday observed they were greeted with the Shiba Inu logo instead of the Twitter bird logo when logging onto the web version of the social media platform. The same was confirmed by Twitter owner Elon Musk, who posted a meme.
This comes days after Elon Musk, the CEO of Tesla and SpaceX, appealed to a U.S. judge to dismiss a $258 billion racketeering lawsuit, accusing the billionaire of operating a pyramid scheme to manipulate Dogecoin’s price. In December 2021, Tesla announced it would accept dogecoin as a mode of payment on select merchandise.
Twitter’s move sparks dogecoin rally
Dogecoin (DOGE), the world’s 8th largest crypto currency with a market cap of $13.49 billion, has been constantly supported by Musk, who has previously disclosed that it is one of only three cryptocurrencies that he owns, alongside Bitcoin and Ethereum. He had claimed Dogecoin had the financial fundamentals to serve as a mainstream form of currency.
In the last 24 hours, the value of Dogecoin surged up to 30% after Twitter replaced the token’s mascot as their logo on the web version of the platform. The price of the meme coin has increased up to $0.1016, which is its highest price in more than a month.
The current price of dogecoin is $0.0972 with a 24-hour trading volume of $4,252,201,950 and market cap of $13.49 billion. It has a circulating supply of 13.88 billion DOGE coins.
Will dogecoin rally sustain?
According to market analysts, the current rally in dogecoin may not sustain long-term as it is not backed by strong fundamentals.
Om Malviya, President, Tezos India, a blockchain adoption entity, said, “The current rally in dogecoin doesn’t seem to be backed by strong fundamentals and may not sustain long-term. Although it has gained over 30% in the past week and is defying the larger trend in the cryptocurrency market, the DOGE price is primarily pushed by the news that Twitter has changed its logo to a picture of the cryptocurrency.”
Shivam Thakral, CEO of BuyUcoin, said, “The overall crypto market cap jumped by 1.18% and is currently hovering around the $1.17 trillion mark. BTC and ETH remained flat with a marginal jump in their value and are currently exchanging hands at $27,885.28 and $1,808.92 respectively. Newsmaker of the day is DOGE, which surged by 25% in just 24 hours after Twitter changed its logo to the DOGE icon. Elon Musk has been a staunch supporter of the meme coin and talks about DOGE finding a mass use case on the Twitter platform have been doing rounds since then.”
Dhruvil Shah, SVP Technology at Liminal, a wallet infrastructure and custody solutions platform, said, “The price movement of DOGE is mainly driven by news/speculations but with Elon Musk openly supporting the meme coin, we can expect DOGE to find a mass use case on the Twitter platform. The latest DOGE rally is mainly due to Twitter changing its logo to the DOGE icon, which suggests that Twitter might become an integral part of Twitter’s transition from Web2 to Web3 entity.”
