Troy Smith
Billionaire Twitter Owner Elon Musk made a huge splash in the cryptocurrency world today by changing the traditional Twitter blue bird logo to the ‘dogecoin’ meme symbol.
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The move prompted ‘Dogecoin’ to jump from $0.07 per coin to over $0.10 per coin in just the first hour. Crypto speculators everywhere are pouring money into Dogecoin.
Fortune Cryto reports…
On Monday, Twitter changed the logo on its web and mobile browser to the popular Doge meme, the icon used by the infamous Dogecoin, a cryptocurrency known as a “memecoin.” Dogecoin rallied 20% in just 30 minutes as the internet took notice.
Elon Musk has long been a Dogecoin booster, and his tweets and appearances on television programs, including Saturday Night Live, have frequently impacted the value of the cryptocurrency.
He has gleefully moved the memecoin’s market since taking over as the social media platform’s CEO in October. In February, after tweeting a picture of his own pet, a doge, the token’s market cap increased $500 million.
Dogecoin was the first memecoin, or a cryptocurrency that lacks any underlying value aside from its status as a joke. Its levity has not prevented the token from accumulating a massive following, with a market cap surpassing $13 billion. (Each coin is still worth less than 10 cents.)
Musk, an infamous promoter of memes, has often latched on to Dogecoin’s internet popularity, even before buying Twitter. In December 2021, he boasted that Tesla would begin accepting Dogecoin for some of its merchandise.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
Dogecoin could become a larger part of Musk’s plans for the future of Twitter, as he has spoken openly about integrating a crypto into the application.
What currency would be better for a meme app than a meme coin?
