Dogecoin Surges after Elon Musk Replaces Twitter Logo with a Shiba Image

Elon Musk & Dogecoin

The CEO of Tesla Motors Inc, who took over Twitter a few months back [1], is quite vocal around cryptocurrencies and often posts comments in regards to digital coins and Dogecoin in particular. Last year he had suggested the use of Doge as a payment method for the platform's subscription service. [2]

More recently, he had tweeted a picture of his dog posing as the CEO of the social network firm, with Dogecoin featuring an image of Shiba Inu dog as its logo. [3]

Mr Musk went a step further on Monday, as he removed the traditional blue bird logo of Twitter and replaced it with an image of a Shiba Inu dog, similar to the one featured on Dogecoin. Around a year ago, a user had urged him to buy the platform and replace the logo with the altcoin's mascot. Mr Musk posted an image of that conversation yesterday, writing "as promised" [4] and other Doge-related tweets were posted. [5]

At the time of writing, it is unclear if this change is temporary or if the new logo appears on all regions and for all users.

DOGE/USD Reaction

DOGE/USD comes from a losing month, but rallied nearly 20% on Monday after the Twitter logo change, hitting the highest levels of the year. It moved back above the EMA200 and stays on the front foot today eying the December 2022 highs (0.1124).

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Nikos Tzabouras

Senior Financial Editorial Writer

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

References

1

Retrieved 03 Apr 2023 https://www.sec.gov/ix

2

Retrieved 03 Apr 2023 https://twitter.com/elonmusk/status/1512954808394731521

3

Retrieved 03 Apr 2023 https://twitter.com/elonmusk/status/1625695877326340102

4

Retrieved 03 Apr 2023 https://twitter.com/elonmusk/status/1642976364080041984

5

Retrieved 21 Jul 2024 https://twitter.com/elonmusk/status/1642962756906418176

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