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Dogecoin Pumps as Musk Changes Twitter Logo to Shiba Inu

Dogecoin jumped over 31% following Musk's "as promised" Twitter logo change to a Shiba Inu

,   and  Blockhead
2 min read
Image credit: Joshua Hoehne

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Dogecoin has jumped after Twitter CEO Elon Musk changed the company's iconic blue bird logo to a Shiba Inu.

A few days late for an April Fool's gag, Musk made the switch on 3 April, tweeting a screenshot of a prior Twitter conversation in which WSB Chairman advised him to "just buy Twitter" and to "change the bird logo to a doge." At the time, Musk replied "Haha that would be sickkk [sic]."

In his 3 April tweet, Musk shared the screenshot with the caption "as promised."

Following the logo change, Dogecoin jumped over 31% to as high as $0.1012 but currently sitting at $0.096.

Musk also shared a meme of a Shiba Inu. in the car telling a police officer that the driving license in his hand is an old photo.

Dogecoin had already been enjoying a pump from Friday, when Musk asked a US judge to throw out the lawsuit, which accused him of operating a pyramid scheme to support Dogecoin. Musk and Tesla described the lawsuit brought forward by Dogecoin investors as a "fanciful work of fiction" over the Musk's "innocuous and often silly tweets."

Read more: Blockhead Brief: CZ Gets Sued (Again), Elon Hits Back

News of Musk's counter sent Dogecoin up 10% to as high as $0.084 on Friday.

The power of Twitter on prices

Twitter has become a formidable force on crypto prices. Whilst Musk has had a history of affecting Tesla stock prices with his tweets, the crypto market is at mercy to the strength of crypto Twitter.

Aside from pumping Dogecoin over the past 24 hours, crypto Twitter also managed to temporarily sink BNB over an alleged rumour.

Twitter user and crypto personality Cobie tweeted on Monday that there was an Interpol Red Notice for Binance CEO Changpeng Zhao (CZ), implying international law enforcement was looking to detain him.

Cobie had sent the message as an encrypted message using SHA-256 hash, he same cryptography that secures other cryptocurrencies such as bitcoin.

Twitter users nonetheless cracked the code, which simply read "Interpol Red Notice for CZ."

The rumour caused BNB to suddenly fall just under 4% before rebounding two hours later.

Indeed, crypto Twitter is a force to be reckoned with.

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