April 4 (Reuters) – Dogecoin’s Shiba Inu dog replaced Twitter’s blue bird as the social media company’s logo on Monday, helping the meme coin add as much as $4 billion to its market value.
The token, which was born as a satire of a 2013 cryptocurrency frenzy and has no fundamental use, rose to 10 cents around 1,500 EST on Tuesday from 7 cents, as Elon Musk indicated in a tweet he had delivered in his pledge to change social media app. logo for the dogecoin dog.
With a market capitalization of $13.7 billion, dogecoin is now the seventh largest cryptocurrency, according to data site CoinMarketCap.com. Its market value was around $10 billion before the news.
Musk, who is ranked the second richest person in the world by Forbes, is a strong supporter of cryptocurrencies and has heavily influenced dogecoin and bitcoin prices in the past.
The Tesla (TSLA.O) boss on Friday asked a US judge to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to back dogecoin.
Dogecoin more than doubled in October after Musk, dubbed “the father doge” by retail traders, sealed a $44 billion deal to take over Twitter.
Cryptocurrency exchange Binance, which invested $500 million in Musk’s purchase of Twitter, said it was discussing strategies on how blockchain and crypto could be useful for Twitter.
“A year later, Twitter has yet to announce any crypto-specific initiatives,” said Stéphane Ouellette, CEO of digital asset investment platform FRNT Financial (FRNT.V).
“It remains to be seen if the appearance of the DOGE logo is more than a joke.”
The shiba inu token, a dogecoin derivative that trades in fractions of cents, was up 5.6% at $0.000014 on Tuesday.
Reporting by Medha Singh in Bangalore; Edited by Anil D’Silva
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