Twitter‘s newest appearance, which oddly enough isn’t a late-April Fools joke, has helped boost the price of a meme cryptocurrency that last peaked in 2021.
According to The Wall Street Journal, the price of Dogecoin soared by 15 percent after Twitter replaced the blue bird with a shiba inu on the site’s web page and app. Dogecoin owners on the r/Dogecoin subreddit noticed the price increase and celebrated, hoping that this Twitter update would be enough to bring this meme coin “to the moon.”
The reason for Twitter’s change of appearance was because of an old “promise” Elon Musk made to a follower after it was suggested that he should replace the bird logo with a doge if he purchased Twitter. So it seems Musk was able to keep his word, one of the rarities we’ve seen the CEO has done since he still hasn’t stepped down from Twitter as promised.
Musk has also been a heavy supporter of Dogecoin since its creation and announced on Twitter that he has added the dog-themed cryptocurrency to his investment portfolio, alongside Bitcoin and Ethereum. TechCrunch revealed that the Tesla CEO also invested in Dogecoin during its popularity in 2021. During a Q2 investor meeting, Musk stated that he hasn’t sold any of his investments in the meme coin.
Despite the increased price for Dogecoin, it’s still not as close to when the price was at its highest. Back in May 2021, Dogecoin reached its highest price of $0.682 USD per Dogecoin, with investors hoping that Musk’s SNL appearance would help boost the price even higher. Unfortunately, it dropped and remained around less than $0.10 cents for a year, with a spike on October 2022.