Twitter’s home button was known with the company’s blue bird logo and has recently been replaced with a cartoon of a Shiba Inu, the face of the Dogecoin meme has caused the rise of dogecoin.
This change piqued the interest of many Twitter users, especially cryptocurrency enthusiasts, because the Doge meme is linked with the popular joke cryptocurrency, Dogecoin.
Dogecoin’s worth increased as a result of the incident, highlighting the growing impact of social media and memes on the cryptocurrency market.
According to reports, the price of dogecoin, which is notoriously unpredictable, has risen by more than 30% in the last 24 hours to around 9 cents. It was selling for just under eight cents on Monday.
Elon Musk responded to the change on Monday afternoon, tweeting “as promised” above an image of a year-old conversation in which another user proposed Musk “just buy Twitter” and “change the bird logo to a doge.”
This sudden increase in value is most likely due to Dogecoin’s increased exposure and attention as a result of the incident, as well as the association between the meme and the cryptocurrency.
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It was unclear if the logo change was irreversible. Musk has been known to taunt both his supporters and his detractors on Twitter.
The change comes just days after Twitter made changes to its verification mechanism. The check marks on some accounts with so-called legacy verification, such as the New York Times, were deleted. Others have retained their checks with the notation that they were Blue subscribers or legacy verified accounts.
Reutes reported that according to a filing with Manhattan federal court on March 31, Musk has requested a US judge to dismiss a $258 billion racketeering lawsuit accusing him of operating a pyramid scheme to support Dogecoin.
The change in Twitter’s home button to a Shiba Inu and the subsequent surge in the value of Dogecoin illustrate the significant influence that social media and memes can have on the cryptocurrency market.
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While the impact of such factors on cryptocurrency prices may be short-lived and unpredictable, it is clear that they are increasingly shaping the public perception and adoption of these digital assets.
As the cryptocurrency industry develops, it will be fascinating to see how social media and other non-financial factors affect the market and whether they will become more integrated into conventional financial analysis and decision-making.
