Elon Musk makes a move, and the Doge pack follows.
Dogecoin has skyrocketed 25% over the past 24 hours, after Musk, the self-appointed “Dogefather,” swapped the Twitter logo for a Doge on the web and mobile browser versions of the platform.
On Monday after the switch, the memecoin quickly jumped more than 20%, to as high as 10 cents, according to CoinMarketCap. The cryptocurrency is up around 40% since Jan. 1.
In the aftermath of the logo change, which set Crypto Twitter alight with speculation, the new Twitter owner and longtime Dogecoin enthusiast tweeted “As promised” along with a photo of a previous interaction in which he’d agreed with another Twitter user that incorporating a Doge logo would be “sickkk.”
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Dogecoin and Musk’s zealous fans have theorized that the logo change is just the beginning of the billionaire’s plan to incorporate the cryptocurrency as a payment method or into Twitter in some other way. Plans to do so have not been announced.
With the new Twitter logo, it’s obvious Elon Musk got long term plans for Dogecoin. Keep some in your wallet towards 2025.
— Shola 👑 (@itsSh0la) April 4, 2023
Todays spike looks familiar.
— The Doge Coach (@thedogecoach) April 3, 2023
And with Twitter’s logo being a Doge, I can only imagine more is coming.
Watch the last glorious pump and remember not to panic at every dip.
🤞🏼🤞🏼🤞🏼#dogecoin pic.twitter.com/IqQyy07Z1t
Others on social media guessed that the change was a late April Fools' Day joke or a possible diversion from Musk’s legal troubles involving the crypto. Last week, Musk asked a judge to dismiss a $258 million lawsuit that alleges he helped run a pyramid scheme to support Dogecoin, Reuters reported on Monday.
Prices were up across most of the crypto market on Tuesday, with the second-most-popular cryptocurrency, Ether, up 3.36%, and altcoins like Polygon (MATIC) and Solana (SOL) up around 2.8% each just before midday. Bitcoin was down 0.14%.
