Dogecoin Surges as Doge Is Featured on Twitter
Dogecoin surged in value Monday (April 3) when its logo appeared as a button on Twitter.
The cryptocurrency’s symbol — a Shibu Inu dog featured in the doge meme — temporarily replaced Twitter’s bird logo as the social media app’s home button, Bloomberg reported Monday.
The coin’s value leapt as much as 30%, according to the report.
Later that afternoon, Twitter CEO Elon Musk posted an image featuring both the dog and the bird.
— Elon Musk (@elonmusk) April 3, 2023
Musk has been a fan of dogecoin for at least four years, tweeting in April 2019, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.”
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
As PYMNTS reported at the time, the crypto was up 26% the next day after dogecoin responded on Twitter by suggesting Musk become the company’s next CEO.
Dogecoin began as a joke, with its origins in the doge meme that became popular in 2013, and was meant for use as a quicker and “fun” bitcoin alternative.
However, the cryptocurrency gained an expanding community on the web, and in April 2021 its soaring price brought about concerns of a possible bubble in the digital currency space.
During that month, as dogecoin enthusiasts massed to get its price to a dollar, its market cap reached a level roughly the same as that of Ford.
Dogecoin’s value headed in the other direction at one point in May 2021 when Musk appeared on Saturday Night Live and called the cryptocurrency a “hustle.”
Again, the wild swings in pricing of dogecoin, bitcoin and other coins — with coins moving tens of percentage points a day — pointed to increased regulatory scrutiny on a global scale.
Fast forward to 2022, and dogecoin’s price spiked more than 30% after Musk closed the deal to acquire Twitter.
One of the first tweets he sent when word of the deal broke was to suggest that dogecoin would be useable for purchases on the social media platform.
When Musk walked into Twitter headquarters in October as its new owner, the price of dogecoin doubled.
Days later, on Nov. 3, the price of the coin dropped 10% when it was reported that Musk stopped development work on Twitter’s crypto digital wallet — another sign of how its value is tied up in one person’s whims.
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