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Dogecoin price spikes after Elon Musk changes Twitter logo to the Shiba Inu dog

This mobile phone app screen shot shows the logo for Dogecoin, in New York, Tuesday, April 20, 2021. The recent trading frenzy over a digital token called Shiba Inu — commonly billed as a "meme" or joke coin — has vaulted the canine-themed cryptocurrency into the top ten most valuable digital assets by market value, hitting $40 billion and surpassing its cousin and apparent inspiration, Dogecoin.
Richard Drew
/
AP
This mobile phone app screen shot shows the logo for Dogecoin, in New York, Tuesday, April 20, 2021. The recent trading frenzy over a digital token called Shiba Inu — commonly billed as a "meme" or joke coin — has vaulted the canine-themed cryptocurrency into the top ten most valuable digital assets by market value, hitting $40 billion and surpassing its cousin and apparent inspiration, Dogecoin.

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 of 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 1 cent.

The sudden logo change is a callback to when a Twitter user suggested Musk buy the company and change the logo.

"Is a new platform needed?" he tweeted.

"Just buy Twitter," one user said. "And change the bird logo to a doge."

"Haha that would [be] sickkk," Musk said.

On Monday, Musk posted a screenshot of the interaction and said, "As promised."

He is currently facing a $258 billion class-action lawsuit in federal court, where he is accused of engaging in a pyramid scheme by promoting the cryptocurrency. Musk often voiced his support for the coin and was even nicknamed "The Dogefather."

Copyright 2023 NPR. To see more, visit https://www.npr.org.

Corrected: April 3, 2023 at 9:00 PM PDT
A previous version of a homepage and web summary for this story incorrectly said Elon Musk is facing a $258 million class-action lawsuit. In fact, it's $258 billion.
Ayana Archie