Dogecoin Surges as Elon Musk Replaces Twitter Logo with the Crypto’s Shiba Inu

Published: Apr 3, 2023

Dogecoin, the digital coin created as a joke by developers in 2013, reached the cryptocurrency top 5 in 2021 and has long been promoted by Tesla and Starlink founder Elon Musk. Since his purchase of Twitter in October 2022, Musk has made a number of controversial changes to the social media platform. He seems to have taken that a step further by swapping the iconic Twitter bird for Dogecoin’s Shiba Inu!

Musk’s oft promotion of Dogecoin has created volatility for the crypto, currently the 8th most valuable, so today’s move somewhat unsurprisingly propelled the value of the coin by 30%.

The change, per CNBC, has only been visible to some users and was followed by Musk tweeting:

What is Elon Musk up to?

This unexpected action by the CEO is potentially a kickback from a $258 billion lawsuit that accuses Musk of manipulating Dogecoin’s price. On Friday, his lawyers asked the judge in the case to dismiss it, saying Musk’s tweets were “innocuous and often silly.” Tesla purportedly owns some Dogecoin and does accept some payments in the coin, Musk himself is also a personal investor.

Musk’s Dogecoin tweets contributed to its rise to success in 2021, but so did its accumulation of cult status on Reddit. A group, that CNN describes as “not unlike the WallStreetBets group behind GameStop’s rally,” had chosen to take Dogecoin “to the moon,” and the crypto soared in value by that year by 600%.

Dogecoin’s Crypto Comedy Evolved into a $13 Billion Market Value

As per CoinMarketCap.com, Dogecoin currently has a cryptocurrency market capitalization equivalent to $13 billion and rising as more buy the coin in response to Musk’s own “joke,” today.

The entire crypto market is also up very slightly, though certainly not yet recovering from this year’s plummet downwards. We speculated recently on the question, “Is Crypto Dead?” and once again a coin in this new digital asset market shows us there’s still a lot going on!

There are a number of online betting sites that accept Dogecoin as part of their esports betting and casino options. So, if you do own or bet with Dogecoin it’s worth keeping a close eye on this coin’s value over the next few days as it is a crypto not backed by other assets and as such its value can move quickly up and just as quickly down.

Melanie Kramer

Since: January 20, 2023

Melanie has covered blockchain, crypto, global business and markets, technology, and gaming since 2017 and began writing long before that. She has an avid interest in the intersection of these spaces and in emerging technologies.

See all articles from this author

Related Articles

w7m win rainbow six invitational 2024 in sao paolo brazil
February 27, 2024

The BLAST R6 Six Invitational Breaks Records with Viewership

Tom Clancy’s Rainbow Six Siege esports continues to surge as the BLAST R6 Six Invitational becomes the biggest…
Image via Rivalry
February 27, 2024

Rivalry Partners with Launders for Launders LAN in Toronto

Esports book Rivalry and caster and esports influencer Mohan “Launders” Govindasamy have unveiled the Launders LAN, a Counter-Strike 2 tournament…
February 25, 2024

How to Watch the PGL Major Copenhagen

Top-tier Counter-Strike returns in March as the PGL Major Copenhagen 2024 kicks off pitting 24 teams against each…
Best Fortnite Skins 2021
February 20, 2024

Best Fortnite Skins 2024: Which Are The Top 10 Most Popular Skins in Fortnite?

So, you want to flash your cash, and show off your Fortnite fashion to the rest of the…
GSL Season 2 Code S: Betting Preview
February 19, 2024

GSL Code S Season 1 2024 Betting Preview: Odds, Format & Predictions

Kickstarting another season, GSL Code S betting is back with the first season of 2024 kicking off in…
February 14, 2024

Rivalry and Blacklist International Extend Partnership in Dota 2-Focused Venture

Sports betting and media company Rivalry has extended its partnership with esports organization Blacklist International, as the pair of companies…
February 13, 2024

Thunderpick World Championship Returns with $1 Million Prize Pool

Online crypto betting site Thunderpick has today announced the Thunderpick World Championship 2024, an international CS2 tournament with…
Spirit vs FaZe Analysis & Prediction - IEM Katowice 2024 Grand Final
February 11, 2024

Spirit vs FaZe Analysis & Prediction – IEM Katowice 2024 Grand Final

Despite being a rematch from the group stage, this year’s IEM Katowice Grand Final has got everyone excited…