Dogecoin's price surged 30% on Monday as Elon Musk changed the Twitter app logo from a blue bird to a Shiba Inu dog, while he simultaneously faces a $258 billion class-action lawsuit alleging he promoted the cryptocurrency as part of a pyramid scheme.
Richard Drew/APThis mobile phone app screen shot shows the logo for Dogecoin, in New York, Tuesday, April 20, 2021.The price for cryptocurrency Dogecoin spiked by about 30% Monday after Twitter CEO Elon Musk changed the app logo from its blue bird to a Shiba Inu dog, a symbol often associated with the coin.
Dogecoin, founded in 2013, has gained popularity in the last couple years. There was a concerted movement to get the coin to $1, which has not yet happened. Shortly after 11 p.m. Monday, the coin was valued at about one cent. The sudden logo change is a callback to when a Twitter user suggested Musk buy the company and change the logo.