Twitter’s new dog icon, a shiba inu, has caused a surge in dogecoin’s value. The image is prominently featured on Twitter’s homepage and corresponds to the logo of the dogecoin blockchain and cryptocurrency. While the addition of an icon in an app is usually unremarkable, this particular change has resulted in a pump of the cryptocurrency’s value.
Since the dog’s inclusion on Twitter’s website, dogecoin’s value has increased significantly, leading to a wave of social media reactions. This sudden price spike is just the latest example of the cryptocurrency’s volatility, which has been attributed in part to the hype surrounding it on social media platforms.
Elon Musk, who owns Twitter and is a prominent supporter of dogecoin, is currently facing a lawsuit over his tweets about the cryptocurrency. In a recent legal filing, Musk’s lawyers referred to dogecoin as a “legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.” The inclusion of the dog icon on Twitter’s website could be viewed as a reflection of Musk’s overall stance on the litigation.
While it remains to be seen whether the surge in dogecoin’s value will be sustained, Twitter’s update has certainly caused a stir in the cryptocurrency community. As always, investors and enthusiasts alike will be closely watching the market for any signs of movement, and Twitter’s new dog icon is just the latest example of how even small changes can have big consequences in the world of cryptocurrency.