Dogecoin spikes 9% after logo appears to find way back to Musk's Twitter

Quick Take

  • The price of the world’s seventh largest cryptocurrency by market capitalization rose 8.9% on Tuesday.

Dogecoin mania made a comeback on Tuesday after a logo for the popular meme-based cryptocurrency seemed to find its way to the profile of Elon Musk's rebranded Twitter account. 

The price of the world's seventh largest cryptocurrency by market capitalization rose 8.9% to $0.08 at 4:39 p.m. in New York, according to CoinGecko. That's the highest price since April, with trading volume surging to more than $1.7 billion.

The rally took place as the symbol "Ð" appeared in a part of Musk's Twitter profile that's usually used to signify a location. It was placed right behind the new "X" logo for the company.

Musk, who bought the social media platform last year, also retweeted a user who goes by pseudonym "DogeDesigner." 

Elon Musk Twitter profile

Elon Musk's Twitter profile

Doge's steady rise

Musk's tweets have long been known to influence the price of dogecoin. The cryptocurrency surged earlier this year after Twitter briefly changed its logo to a meme of a Shiba Inu dog that's associated with the token, only to crash more than 8% after it was removed. 

Dogecoin's market capitalization currently stands at $11.4 billion, according to CoinMarketCap. It's the third best preforming token tracked by the platform over the past week, rising 18.9%.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.