Elon Musk created a rise in Dogecoin value April 3.
He simply changed out the logo on Twitter's main page to an image of the cryptocurrency's flagship dog.
DON'T MISS: Elon Musk Changes a Big Twitter Move After Outcry
Dogecoin's value shot up about 20% after the change.
Musk's lawyers had been involved in a lawsuit regarding a $258 million claim about Musk manipulating Dogecoin's price.
He has touted the cryptocurrency in the past.
In one instance from December 2021, Musk had talked about Twitter using dogecoin for online payments.
The possibility that dogecoin could be used at Twitter would offer it a high visibility boost and, perhaps, an opportunity to more effectively compete with others such as bitcoin.
Payment tools had been reportedly in the works at Twitter.
Esther Crawford, Twitter product management director, was working on payment system logistics and had formed a small team at the time, according to the Financial Times.
The payment system would initially handle fiat currencies, but could be built to one day facilitate crypto, according to the report.
If Twitter is eventually able to handle cryptocurrency, it would give it a high-profile mainstream presence.
"Musk has regularly tweeted about dogecoin for years, and first promoted it to his Twitter followers in 2019, when he said that the meme token was his 'fav cryptocurrency,'" Business Insider reported.
"The coin's valued peaked around $0.74 in mid-2021, but has since spiked periodically, often on comments from Musk," Business Insider added. "Dogecoin's last big jump came late last year, with the crypto gaining around $10 billion in market value as Musk began his takeover of Twitter."
Musk, the Tesla (TSLA) owner, said in December 2021 that the electric vehicle company would be accepting dogecoin for payments.
Get exclusive access to portfolio managers and their proven investing strategies with Real Money Pro. Get started now.
