This mobile phone app screen shot shows the logo for Dogecoin, in New York, Tuesday, April 20, 2021. The recent trading frenzy over a digital token called Shiba Inu — commonly billed as a “meme” or joke coin — has vaulted the canine-themed cryptocurrency into the top ten most valuable digital assets by market value, hitting $40 billion and surpassing its cousin and apparent inspiration, Dogecoin.
Richard Drew/AP
Richard Drew/AP
The price for cryptocurrency Dogecoin spiked by about 30% Monday after Twitter CEO Elon Musk changed the app logo from its blue bird to a Shiba Inu dog, a symbol often associated with the coin.
Dogecoin, founded in 2013, has gained popularity in the last couple years. There was a concerted movement to get the coin to $1, which has not yet happened. Shortly after 11 p.m. Monday, the coin was valued at about one cent.
The sudden logo change is a callback to when a Twitter user suggested Musk buy the company and change the logo.
“Is a new platform needed?” he tweeted.
“Just buy Twitter,” one user said. “And change the bird logo to a doge.”
“Haha that would [be] sickkk,” Musk said.
On Monday, Musk posted a screenshot of the interaction and said, “As promised.”
He is currently facing a $258 million class-action lawsuit in federal court, where he is accused of engaging in a pyramid scheme by promoting the cryptocurrency. Musk often voiced his support for the coin and was even nicknamed “The Dogefather.”