Dogecoin Rises Nine Percent After Elon Musk Changes Twitter Logo to X

The digital asset market may be stagnating as a whole today, but one cryptocurrency is rising, dogecoin.

Doge has risen 9 percent in the last 24 hours at the time of writing, according to CoinGecko, trading at $0.08. It has increased by 19 percent in the past week.

The original meme cryptocurrency has gained value as Twitter CEO and the world’s richest man, Elon Musk, announced the promotion of the new logo for the social network on Twitter, originally shared by the dogecoin designer. Musk also appears to have added the dogecoin symbol to the location field in his Twitter bio.

Dogecoin was created in 2013 by a group of engineers as a joke. However, it is now the eighth largest digital asset with a market capitalization of $11.2 billion. It has been revealed that Musk has been advising the developers behind Dogecoin since 2019.

Musk began ‘pumping’ doge on Twitter in 2020 by posting memes. Tesla also accepts the cryptocurrency, but the company has never disclosed whether any customers have used dogecoin or, if they have, how much. However, Musk’s affinity for the meme cryptocurrency has attracted some negative attention.

In June 2022, a group of dogecoin investors filed a class-action lawsuit against Musk, Tesla, and SpaceX for $258 billion. The lawsuit claims he was part of a racketeering scheme to pump the cryptocurrency. Last month, the plaintiffs filed an amended complaint that also accuses the Tesla CEO of insider trading.

For some time, there have been rumors that dogecoin could be integrated into the social media platform as a form of payment. In January, news emerged that the company was working on a product in a way that supports crypto payments.

Musk acquired Twitter in October 2022. Since then, he has laid off a lot of staff, reinstated previously banned controversial users, and recently renamed the company to X.com.

Musk and his fellow billionaire investor Mark Cuban have previously stated that dogecoin could one day be used as a serious cryptocurrency for payments.

And the developers of dogecoin stated in 2021 that they had been working with Musk for years to make the cryptocurrency a cheaper, greener alternative to bitcoin.