Dogecoin is a cryptocurrency that was created as a joke in 2013. It features a Shiba Inu dog as its logo. On Monday, the dog replaced the blue bird as the logo of Twitter. This boosted the popularity and value of the coin by $4 billion.
On Tuesday, the coin increased to 10 cents from 7 cents. This was triggered by Elon Musk’s tweet that he changed Twitter’s logo to Dogecoin’s dog. He said he fulfilled his promise.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Elon Musk is a billionaire and a supporter of cryptocurrencies. He frequently tweets about Dogecoin and Bitcoin. He has a significant impact on their prices.
He also acquired Twitter for $44 billion last year. He is the CEO of Tesla, an electric car company. He faced a lawsuit for allegedly running a scam with Dogecoin. He denied the accusation.
Why Elon Musk Likes Dogecoin
Elon Musk likes Dogecoin for many reasons. One of them is that he likes jokes and memes. Dogecoin is a funny coin that started as a joke and has a meme as its logo.
Another reason is that he thinks Dogecoin is a currency for the people. Dogecoin is a decentralized peer-to-peer digital currency that anyone can use. It does not take itself too seriously and has a friendly community.
Musk also likes Dogecoin because some of his employees own it. He said he talked to people who work at Tesla or SpaceX and they have Dogecoin. He decided to support it because he felt it was the people’s crypto.
The Outlook of Dogecoin and Twitter
Dogecoin is now the seventh largest cryptocurrency in the world. It has a market capitalization of $13.7 billion. Before the news, it was around $10 billion.
Binance is a cryptocurrency exchange that invested $500 million in Musk’s takeover of Twitter. It said it was exploring ways to use blockchain and crypto for Twitter. Blockchain is a technology that powers cryptocurrencies.
But nothing has been announced yet. Stéphane Ouellette is the CEO of FRNT Financial. It is a platform that facilitates digital asset investments. He said he was not sure if the Dogecoin logo on Twitter was more than a prank.
There is another cryptocurrency that resembles Dogecoin. It is called Shiba Inu token. It is very cheap and has a low value. It rose 5.6% to $0.000014 on Tuesday.
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