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DOGE price surges 27% as the Dogecoin logo replaces the Twitter blue bird

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(Kitco News) - Twitter owner Elon Musk is back to his old crypto antics as Monday saw the well-known Shiba Inu symbol for the top meme token Dogecoin replace the familiar blue bird atop the Twitter homepage, sparking a surge in the price of DOGE.

The tribute to the DOGE community comes two days after Musk asked a U.S. judge to dismiss a $258 billion lawsuit filed by investors that allege the Twitter owner was operating a pyramid scheme in his promotion of Dogecoin.

“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” Musk’s attorneys argued in court.

Following the sudden appearance of the Dogecoin logo atop the Twitter homepage, the price of DOGE began to surge higher, hitting an intraday high of $0.102 before pulling back to its current price of $0.095, representing an increase of 18.7% on the 24-hour chart.

DOGE/USD 4-hour chart. Source: TradingView

The appearance of the DOGE logo drew mixed reactions from the crypto community, with some appreciating the move which falls in line with Musk’s sense of humor, while others saw it as a way for Musk to distract from the ongoing Twitter Blue controversy.

Still others voiced concern that the platform had been hacked, but the most widely accepted reason behind the development was that it was a belated April Fool’s prank that was done at a later time to maximize its coverage.

At the time of writing, the Dogecoin logo remains atop the Twitter homepage, helping DOGE traders score some easy gains while the wider crypto market continues to consolidate.

By

Jordan Finneseth

For Kitco News

Contact jfinneseth@kitco.com
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