The social media site Twitter has replaced its familiar blue bird logo on its website with an image of a Shiba Inu dog, associated with the cryptocurrency dogecoin.
A Dogecoin (DOGE) and Shiba Inu (SHIB) competitor has exploded in value following tweets from Twitter CEO Elon Musk that had nothing to do with the actual crypto asset itself.
Floki (FLOKI) is a memecoin that was created after Musk said he was naming his Shiba Inu puppy “Floki.”
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
The value of dogecoin (DOGE-USD) increased by 35% in the past 24 hours, reaching $0.09 per token, according to Coingecko data. In response to this development, Elon Musk tweeted that the change was “as promised”. It’s worth noting that dogecoin has historically been subject to significant price fluctuations.
Twitter has demonstrated a willingness to integrate web3 advancements previously. During the tenure of founder Jack Dorsey, the social media platform had plans to facilitate authentication for non-fungible tokens (NFTs), which are digital assets like images or videos that exist on a blockchain.
— Elon Musk (@elonmusk) April 3, 2023
In 2013, two software engineers launched Dogecoin as a fun project. The name pays homage to the “doge” meme that gained popularity approximately a decade ago. The memecoin’s logo comprises a shiba inu, a Japanese breed of dog, enclosed by comic sans text in fragmented English.
According to Coingecko data, the global cryptocurrency market cap reached $1.22tn on Tuesday, indicating a 1.4% increase in the past 24 hours. Bitcoin’s value increased by 0.8% and reached $28,135, while Ethereum, the second-largest cryptocurrency by market cap, stood at $1,821, which represents a 1.5% increase in the previous day.
