[1/3]A stock graph and a representation of the cryptocurrency Dogecoin against the US dollar can be seen in this illustration taken on January 24, 2022. Reuters/Dado Ruvik/Illustration
April 4 (Reuters) – Dogecoin’s Shiba Inu dog replaced Twitter’s blue bird as the social media company’s logo on Monday, helping the meme coin add more than $4 billion to its market value.
The coin, which originated in 2013 as a satire of the cryptocurrency craze and has no fundamental use, rose from 7 cents to 10 cents around 1500 EST on Tuesday, as Elon Musk indicated in a tweet that He had fulfilled his promise to change the social media app. Dogecoin dog logo.
Dogecoin is now the seventh largest cryptocurrency with a market capitalization of $13.7 billion, according to data site CoinMarketCap.com. Before the news, its market value was around $10 billion.
Musk, who is ranked by Forbes as the second richest person in the world, is a vocal supporter of cryptocurrencies and has significantly influenced the prices of Dogecoin and Bitcoin in the past.
The boss of Tesla (TSLA.O) on Friday asked a US judge to dismiss a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to back Dogecoin.
Dogecoin’s price more than doubled in October after Musk, dubbed “The Dogfather” by retail traders, struck a $44 billion deal to acquire Twitter.
Cryptocurrency exchange Binance, which invested $500 million in Musk’s purchase of Twitter, said it is looking into how blockchain and crypto can help Twitter.
“After a year, Twitter has yet to announce any crypto specific initiatives,” said Stéphane Ouellet, chief executive of digital asset investment platform FRNT Financial (FRNT.V).
“It remains to be seen whether the appearance of the DOGE logo is more than a joke.”
The Shiba Inu token, a spinoff of Dogecoin that trades in fractions of cents, rose 5.6% to $0.000014 on Tuesday.
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