Dogecoin Spiked almost 30 Percent after Elon Musk’s Twitter Logo Spoof

According to many mainstream media sources, Twitter’s traditional bird icon was booted and replaced with an image of a Shiba Inu, an apparent nod to Dogecoin and Shiba Inu (SHIB) coins, the cryptocurrencies that CEO Elon Musk has been patronizing. According to these reports, the value of Dogecoin (DOGE) quickly increased by 30% after the move.

Musk addressed the change Monday, April 3, afternoon, tweeting, “as promised” above an image of a year-old conversation in which another user suggested that Musk “just buy Twitter” and “change the bird logo to a Doge.”

Before buying the famous blogging platform, Musk, remarkably, took advantage of Dogecoin's popularity on the Internet in several episodes. He is also accused of creating a pyramid scheme in favor of Dogecoin in a $258 billion court case. The Doge logo came two days after Musk reportedly requested a judge to dismiss a $258 billion racketeering lawsuit accusing him of backing Dogecoin through a pyramid scheme.

It’s unlikely that this little weird episode will produce a lasting impact on Doge’s pricing. Neither it would evoke additional legal troubles for Musk. The only lesson for cryptoholders is that Doge remains a one-of-a-kind cryptocoin, which is capable of delivering this sort of surprises going forward.