Dogecoin, Shiba Inu prices surge after Elon Musk changes Twitter logo

On Monday, Elon Musk, the owner and Chief Executive Officer of Twitter, changed the logo of the social media platform to a logo of the Shiba Inu dog covered with the letter ‘D’, which is used as a symbol of Doge.

Musk changed the Twitter logo a year after he asked on Twitter, “Is a new platform needed” on March 26, 2022, and Twitter user, @WSBChairman, asked him to buy Twitter and change the logo to Doge.

After making the change on Monday, Musk said: “As promised.” This decision is one of many backing Musk has publicly given Dogecoin, which is one of Musk’s preferable crypto after Bitcoin.

This pushed the value of Dogecoin up by 25.41 per cent between Monday and Tuesday, indicating demand for the memecoin.

The day before the change of Twitter’s logo, Dogecoin had depreciated by -5.9 per cent from $0.08405 it closed Saturday with, to settle at $0.07909 on Sunday.

READ ALSO:How bitcoin crash protected BTC investors from Elon Musk’s Tesla

However, with Musk displaying another support for Dogecoin on Monday evening, the memecoin appreciated in value and trades at $0.09919 as at the time of filing this report.

This raised the market valuation of Dogecoin by $2.79 billion, up from $10.97 billion to N13.76 billion according to figures obtained from Coinmarketcap on Tuesday.

Musk’s decision also favoured Shiba Inu memecoin having dipped by -3.39 per cent the day before, but spiked by 5.55 per cent as the words ‘Shiba Inu’ grabbed headlines on Monday and Tuesday.

Shiba Inu price rose to $0.00001141 from $0.00001081, with its market valuation rising slightly to $6.72 billion, from $6.37 billion.

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