Dogecoin Spikes over 30% Following Replacing Twitter’s Bird with Shiba

Cryptocurrency dogecoin spiked more than 30% after Twitter CEO Elon Musk replaced the traditional blue bird logo with an image of a Shiba Inu, the crypto coin’s logo, according to CNBC Network. 

The dogecoin’s price reached $0.1 at its peak, with a global trade volume hitting $1.22 billion in 24 hours. Musk tweeted a meme about the change that happened to Twitter’s logo. 

Earlier, the Twitter CEO asked a US federal judge to throw out a $258 billion lawsuit that accused him of running a pyramid scheme to support the cryptocurrency dogecoin, asserting that supporting dogecoin is not illegal. 

According to data from CoinMarketCap.com, dogecoin is the eighth-most valuable cryptocurrency, with a market cap of more than $13 billion.

This is not the first time that dogecoin is associated with Musk’s tweets and remarks. On November 1, the value of Dogecoin hiked to unprecedented levels, recording 14 cents following the CEO of SpaceX’s acquisition of Twitter worth $44 billion. 

Musk’s move made dogecoin the eighth largest cryptocurrency by market capitalization at that time.

Dogecoin has remarkably declined over the past days since hitting the daily high of $0.111 resistance on December 5.

Although Musk loves dogecoin, his company Tesla has not invested in the crypto coin yet, as it is investing in Bitcoin worth $218 million. It is worth mentioning that Tesla merchandise could be bought by Dogecoin starting this year. Also, Dogecoin is accepted as a payment for purchasing Musk’s newly launched perfume brand.

Dogecoin was created on December 6, 2013, based on the popular “Doge” Internet meme and features a Shiba Inu on its logo. It can be bought on centralized exchanges such as Binance, Coinbase, Crypto.com, Bitfinex, and more.