Dogecoin (DOGE) surged more than 35% after Elon Musk's Twitter replaced the social-media platform's familiar blue bird atop its homepage with the cryptocurrency's iconic Shiba Inu dog logo.
DOGE got as high as $0.1046 versus around $0.077 right before the logo change. Before Monday, its price last exceeded 10 cents in December, according to CoinDesk data.
Musk has frequently touted DOGE, suggesting the meme coin may offer better payments functionality than bitcoin (BTC). In January the Financial Times reported that Twitter was designing a system to permit payments through the social-media platform. While Musk, who is the CEO, wanted Twitter "first and foremost" to be for fiat currencies, he sought the ability to add cryptocurrencies – a story that gave the price of DOGE a lift.
A bit more than an hour after the logo change, Musk tweeted out a cartoon image as his first public comment.
UPDATE (April 3, 2023, 18:09 UTC): Updates prices and adds historical price information.
UPDATE: (April 3, 2023, 18:33 UTC): Updates prices and adds Financial Times story from January.
UPDATE: (April 3, 2023, 19:02 UTC): Adds tweet from Elon Musk.
UPDATE (April 3, 2023, 19:47 UTC): Updates prices.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.