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The price for cryptocurrency Dogecoin spiked by about 30 percent Monday after Twitter CEO Elon Musk changed the app logo from its blue bird to a Shiba Inu dog, a symbol often associated with the coin.

Dogecoin, founded in 2013, has gained popularity in the last couple of years. There was a concerted movement to get the coin to $1, which has not yet happened. Shortly after 11 p.m. Monday, the coin was valued at about 1 cent. 

The sudden logo change is a callback to when a Twitter user suggested Musk buy the company and change the logo. 

“Is a new platform needed?” he tweeted.

“Just buy Twitter,” one user said. “And change the bird logo to a doge.”

“Haha that would [be] sickkk,” Musk said. 

On Monday, Musk posted a screenshot of the interaction and said, “As promised.”

He is currently facing a $258 billion class-action lawsuit in federal court, where he is accused of engaging in a pyramid scheme by promoting the cryptocurrency. Musk often voiced his support for the coin and was even nicknamed “The Dogefather.”

Business and Economic News

Ayana Archie

Author

Elon Musk is currently facing a $258 billion class-action federal lawsuit accusing him of engaging in a pyramid scheme for voicing his support for Dogecoin in several tweets. 

Dogecoin price spikes after Elon Musk changes Twitter logo to the Shiba Inu dog

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