The cryptocurrency dogecoin (DOGE) rose by more than 30% after Twitter updated its logo with a Shiba Inu dog, the digital coin’s symbol.
Dogecoin, the eighth most valuable cryptocurrency, saw its market value skyrocket to $13.4B, up from around $10B before the change.
- As of Tuesday, Twitter’s bird symbol has been replaced by the Shiba Inu image.
- Twitter CEO/owner Elon Musk tweeted that the change was made "as promised" after a user last year urged him to switch the bird logo to a "doge."
- The move comes shortly after Musk requested the dismissal of a $258B dogecoin lawsuit that alleges he conducted a Ponzi scheme to support the popular cryptocurrency.
- Musk's lawyers said the case is based on the CEO's harmless and often silly tweets about dogecoin.
- The
digital coin, inspired by the "doge meme" of the Japanese Shiba Inu
dog, was created by software engineers Billy Markus and Jackson Palme as
a parody of bitcoin in 2013.
- Tesla began accepting dogecoin as payment for some merchandise last year, the same as Musk's other ventures, SpaceX and The Boring Company.
- Musk once called it the "people's crypto" and has said he would support DOGE whenever possible.
