Bloomberg Línea — The dogecoin cryptocurrency soared in value Monday after the image of the dog associated with the cryptocurrency, a Shiba Inu, replaced the Twitter logo on the app for numerous users.
Specifically, the digital token, created as a meme but which became one of the top cryptocurrencies by market value, rose more than 18% to nearly 10 cents per unit amid comments about it on the social network now owned by Elon Musk.
However, Dogecoin remains far below its all-time high of 73 cents.
Twitter’s CEO Elon Musk has backed the crypto currency on numerous occasions, saying for example in 2021 that Tesla Inc. (TSLA) would accept payment in Dogecoin for some merchandise. SpaceX and Boring Company, also owned by Musk, accept it as a method of payment, and the first lunar mission of the former was named DOGE-1.
Musk often interacts with the token’s creator on Twitter, whose pseudonym is Shibetoshi Nakamoto, a play on words that combines the Shiba Inu with the pseudonym of bitcoin (XBT) creator Satoshi Nakamoto.
Dogecoin was created in 2014 and gained popularity along with other meme securities. Its price is extremely volatile and its developers have not made any substantial changes since 2015.
Last June, various Dogecoin investors filed a $258 billion lawsuit against Elon Musk, alleging racketeering, and which accused Musk and his companies of having intentionally induced the price of the popular cryptocurrency, later allowing it to collapse.
Musk’s response at the time was that he never incited people to invest in cryptocurrencies, and that it has always been clear that he supports them.