The move by Elon Musk's Twitter made the price of Dogecoin (DOGE) surge by more than 20%.
In a startling move on April 3rd, Twitter's platform-wide icon was replaced with the symbol of the popular meme-based cryptocurrency, Dogecoin (DOGE).
The update captured the attention of the social media platform's estimated 360 million monthly active users and casual visitors, as well as the whole crypto community.
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The icon transformation had a direct and swift effect on Dogecoin's market value, as the price spiked by more than 22% in just an hour, hitting $0.09784. The price of DOGE has briefly reached $0.10.
Not long after the change, Tesla and Twitter CEO Elon Musk posted a meme hinting that the Dogecoin-inspired icon may become a permanent feature.
However, this is definitely not a new idea. Shortly after the change, Elon Musk shared a Twitter post, which includes a conversation with the administrator of the well-known r/WallStreetBets SubReddit. In the tweet, dubbed "as promised," a now-Twitter owner was discussing the possible Twitter acquisition and the logo change.
Only two days earlier, Musk had requested the dismissal of a staggering $258 billion lawsuit brought forth by crypto investors. The suit claimed that he was orchestrating a pyramid scheme to promote Dogecoin. Musk's legal representatives reportedly argued that sharing "funny pictures" and "tweeting words of support" does not prove fraud allegations.
This bold move demonstrates the increasing influence of cryptocurrencies in the mainstream and highlights the ongoing fascination with meme-based digital currencies like Dogecoin.
However, this is not the first time Elon Musk's actions caused a surge in DOGE prices. At the end of October 2022, the Dogecoin price jumped by 40% after tech blogger Jane Manchun Wong claimed that Twitter is working on launching a crypto wallet prototype, supporting crypto deposits and withdrawals.
At the time of writing, Dogecoin (DOGE) retails for $0.0998, recording a 26.91% price increase in the last 24 hours.
