Dogecoin spiked more than 30% in price this week after Elon Musk replaced the Twitter logo with the popular Shiba Inu doge meme after which the cryptocurrency is named.
After the change was made Monday, the value of Dogecoin jumped from about 7 cents to more than 10 cents per coin in just a few hours.
The cheeky logo change comes following a Twitter exchange Musk had with one user last year, who said he should buy the platform and change the bird logo to a doge.
"As promised," Musk tweeted Monday above a screenshot of the old Twitter thread.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Dogecoin was founded in 2013 as a lighthearted and fun alternative to Bitcoin, with playful branding that included use of the popular internet meme.
Despite its origins as a joke, Dogecoin has gained a significant following over the years, with a dedicated community of internet enthusiasts who continue to use and promote the coin to this day.
Musk currently faces a $258 billion class-action lawsuit over accusations that he and his companies intentionally drove up the value of Dogecoin in recent years to peddle a pyramid scheme.
Musk's lawyers asked the judge to dismiss the suit Monday, calling it a "fanciful work of fiction."
Elon Musk says he hopes to have new Twitter CEO by the end of year
During a video call to the World Government Summit, Musk said making sure Twitter can function remains the most important thing for him.
