Dogecoin, a cryptocurrency that was originally created as a joke, experienced a more than 30% increase in price on Monday, April 3rd, after Elon Musk, the CEO of Twitter, changed his Twitter logo to a Shiba Inu, the breed of dog that is featured as Dogecoin’s logo.
Musk shared the change to his 133.5 million followers, which further added to the hype surrounding the meme-inspired digital currency. This is not the first time that Musk has caused Dogecoin’s value to surge. In April 2022, Dogecoin’s price rose nearly 30% after Musk announced his plans to acquire Twitter. In May of the same year, Dogecoin jumped another 5% after Musk, who is also the CEO of Tesla and SpaceX, said that his space exploration company would start accepting payments with Dogecoin in the near future.
The rise in Dogecoin’s value is largely attributed to Musk’s support and endorsement of the digital currency. Satori Research, a Hong Kong-based cryptocurrency investment firm, stated that “Elon Musk openly supports Dogecoin and always speaks positively about the coin. In addition, Mr. Elon Musk also accepts Dogecoin as a payment system. This is the reason why the price of Dogecoin has skyrocketed.”
According to CoinMarketCap.com, Dogecoin is now the eighth most valuable cryptocurrency, with a market capitalization of over $13 billion. Despite its humble origins as a joke, Dogecoin has gained a significant following in recent years and has become a popular choice among cryptocurrency investors. With Musk’s continued support, it is likely that the value of Dogecoin will continue to rise in the coming months.