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Interest In Dogecoin Surges After Mysterious Twitter Logo Change

07 Apr, 2023

Is the old dog up to new tricks? The crypto and tech communities were confronted with a baffling mystery at the start of this week when popular micro-blogging platform Twitter replaced its well-known blue bird logo with the beatific face of the Shiba Inu that features in the original 'Doge' memes.

Naturally, all savvy observers immediately thought of Elon Musk, the South African tech billionaire, Twitter CEO, and so-called 'Dogefather'. Known for his mercurial sense of humour and love of memes, Musk is an influential figure on the crypto scene. Previously, as Tesla CEO, he boosted Bitcoin (BTC). More recently, Musk has been a fan of Dogecoin (DOGE), hyping up the canine-themed memecoins on his social media and TV appearances. The tech billionaire has even floated the idea of somehow integrating Dogecoin into Twitter's functionality, e.g., for payments or governance on the platform.

Much mystery. Such gains. Wow.

The doggy logo change was made without any comment or announcement from Musk or any Twitter representatives. Followers were left in suspense for almost twenty-four hours before Musk finally acknowledged the change with the simple comment 'as promised' and a screencap of a joke made by one of his followers last year, urging him to buy Twitter and replace the logo with Doge. The official Dogecoin account responded by tweeting: "Very currency. Wow. Much Coin. How Money. So Crypto."

If these messages from official sources are anything to go by, this could all be a droll joke between Musk and the Dogecoin team. Some even speculated that it could be an April Fool's Day joke that the company had failed to roll out on 1 April. Given Twitter's recent technical problems, that's not out of the question.

Another theory is that it could be a sly reference to — or attempt to distract from — an ongoing $258 billion lawsuit filed against Elon Musk by Dogecoin investors, with the latter claiming that the Tesla CEO defrauded them and intentionally manipulated the altcoin's price at their expense. Musk's defence leans on the jokey, playful nature of his Dogecoin advocacy, and this recent move could well be a droll troll aimed at the plaintiffs.

That being said, investors in Dogecoin shouldn't be too unhappy this week. The value of DOGE shot up by 20% in just 30 minutes after the Twitter logo change and continued to make gains throughout the week, going up to 10 cents in value from just 7 cents before the Twitter stunt and adding $4 billion to its market value. For reference, Dogecoin's all-time high was 75 cents back in 2021, when Musk referenced the coin on Saturday Night Live. Unsurprisingly, the value of Shiba Inu (SHIB) also received a boost.

What's next for DOGE?

Regardless of what you think of Musk's sense of humour, it's clear that Dogecoin is no joke. The canine coin is currently the eighth-largest cryptocurrency by market cap, and traders have managed to reap huge profits from the coin's volatility in the wake of Elon Musk's antics. The familiar blue bird has since regained its place as the Twitter logo, but if this was truly a tease about Dogecoin's integration on the platform, then the future of DOGE could be very bright indeed.

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While it remains to be seen if Twitter will follow through on this tease, it's clear that the canine cryptos will continue to be relevant on the crypto trading floor. If you're interested in staking your claim in the crypto market, you can find the best conditions for trading Bitcoin, Dogecoin, and other altcoins StormGain. StormGain offers SHIB/USDT and DOGE/USDT pairs, as well as the opportunity to trade SHIB/DOGE against each other. StormGain users also benefit from unique perks, such as a free Bitcoin cloud miner and staking options.

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