coinculture.com
Dogecoin (DOGE) increased by more than 35% after Elon Musk’s Twitter changed its homepage to show a Shiba Inu dog instead of the platform’s usual blue bird.
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DOGE peaked at $0.1046, compared to approximately $0.086 before the logo change. The meme coin’s price last exceeded 10 cents before Monday in December.
DOGE soars. Source: CoinDesk
Musk has often promoted DOGE, implying that the meme coin may offer superior payment functionality than bitcoin (BTC). In January, the Financial Times reported that Twitter was planning a payment system for its social media site.
While the CEO, Elon Musk, wanted Twitter to be “first and foremost” for fiat currencies, he also desired the ability to add cryptocurrencies, a narrative that boosted the price of DOGE.
pic.twitter.com/wmN5WxUhfQ
— Elon Musk (@elonmusk) April 3, 2023
Musk tweeted a caricature image as his first public comment, slightly more than an hour after the logo redesign.