The price of Dogecoin DOGE/USD soared by 24% in the last 24 hours. This sudden increase can be attributed to Twitter CEO Elon Musk‘s decision on Monday to change the social media platform’s bird logo to that of a Shiba Inu dog, the same breed that inspired the creation of Dogecoin.
What Happened: Dogechain rallied 44% in the last 24 hours, outperforming the top five meme cryptocurrencies by market capitalization, including DOGE and Shiba Inu SHIB/USD.
At the time of writing, Dogechain was trading at $0.0016. It seems that Dogechain is capitalizing on the buzz and excitement surrounding Twitter's latest decision.
See More: Top Indian Apps That Give Bitcoin, NFT Rewards
Following the recent update on the Twitter bird logo, many users were eagerly waiting to see if Musk, who has been known for his tweets on Dogecoin, would comment on the change. Musk initially remained silent on the matter, which only fueled further curiosity and speculation among users.
However, Musk eventually broke his silence by tweeting a post that referenced some of his older tweets where he had previously shared jokes about changing the DOGE logo.
Price Action: At the time of writing, DOGE was trading at $0.097, up 24.64%. SHIB at $0.000011, was up 5.77% in the last 24 hours, according to Benzinga Pro data.
Read More: Dogecoin, Ethereum Jump Even As Bitcoin Slides Below $28K: Analyst Sees Chance To Buy Meme Coin If Price Drops To $0.08 Levels
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
