Dogecoin rises as Musk's Twitter logo is changed to a Shiba Inu dog

On Monday, Dogecoin's Shiba Inu dog replaced Twitter's blue bird as the social media company's logo, boosting the meme coin's market value by up to $4 billion.

The token, which was created as a satire of a cryptocurrency mania in 2013 and has no basic function, rose to 10 cents at 1500 EST on Tuesday from 7 cents when Elon Musk implied in a tweet that he had delivered on his promise of altering the social networking app's logo to dogecoin's dog.

According to data portal CoinMarketCap.com, dogecoin is currently the sixth largest cryptocurrency, with a market valuation of $13.7 billion. Before the news, its market worth was roughly $10 billion.

Musk, the world's second-richest person according to Forbes, is a loud proponent of cryptocurrencies and has previously affected dogecoin and bitcoin pricing.

Tesla (TSLA.O) CEO urged a US judge on Friday to dismiss a $258 billion racketeering lawsuit accusing him of running a dogecoin pyramid scheme.

Dogecoin more than doubled in October after Musk, called "the dogefather" by retail traders, agreed to buy Twitter for $44 billion.

Binance, a cryptocurrency exchange that invested $500 million in Musk's takeover of Twitter, previously stated that it was considering how blockchain and cryptocurrency may benefit Twitter.

"A year later, Twitter has yet to announce any crypto specific initiatives" Stéphane Ouellette, CEO of digital asset investment platform FRNT Financial, stated. (FRNT.V).

“It remains to be seen whether the appearance of the DOGE logo is more than a joke.”

On Tuesday, the shiba inu currency, a dogecoin fork that trades in fractions of pennies, climbed 5.6% to $0.000014.

By fLEXI tEAM