The dog Shiba Inu of dogecoin replaced Twitter’s blue bird as the social media company’s logo on Tuesday, helping the meme coin add $4 billion to its market value.
The dogecoin token, which was born as a satire during a 2013 cryptocurrency frenzy and has no practical use, rose to 10 cents from 7 cents after it Elon Musk indicated in a tweet on Monday that it had made good on its promise to change the logo of the social media app to the dogecoin dog.
With a market capitalization of $13.7 billion, Dogecoin is now the seventh largest cryptocurrency, according to the data site. CoinMarketCap Its market value was around $10 billion before the news.
Musk, the second richest person in the world according to Forbes, is a strong supporter of cryptocurrencies and has heavily influenced the prices of dogecoin and bitcoins in the past.
The Tesla boss asked a US judge on Friday to throw out a $258 billion extortion lawsuit that accused him of running a Ponzi scheme to support dogecoin.
Dogecoin’s price had more than doubled in October after Musk, dubbed “the dog father” by retail investors, closed a $44 billion deal to take over Twitter in October.
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