Dear clients,
Dogecoin’s Shiba Inu dog replaced Twitter’s blue bird as the social network’s logo on Monday, helping the meme coin increase its market value by $4 billion.
The token, born as a satire of the cryptocurrency hype in 2013 and of no fundamental importance, rose to 10 cents around 15:00 EST on Tuesday from 7 cents. Elon Musk just kept his promise to change the Twitter logo, as his tweets indicate.
With a market capitalization of $13.7 billion, Dogecoin is currently the seventh largest cryptocurrency according to CoinMarketCap.com. Prior to the news, its market value was about $10 billion.
Musk has long been a vocal supporter of cryptocurrencies and has been a big influence on Dogecoin and Bitcoin prices in the past. Last Friday, a Tesla executive asked a US judge to dismiss a $258 billion lawsuit that accuses him of running a pyramid scheme to support Dogecoin.
