On Monday, there was a rally in the price of Dogecoin after the mascot of the token was included on Twitter in a rather peculiar reference.
The Shiba Inu internet meme greeted users who visited the website, which is what the Dogecoin token is based around, rather than the traditional blue bird logo of Twitter.
The mascot
There was a surge in the price of the DOGE token because of the inclusion of its mascot on the social media platform once people realized the reference.
On Monday, there was an almost 20% surge in the biggest meme token in the market, which saw it climb to $0.92 in less than an hour.
According to CoinGecko, this was the highest price that the token has managed to record in about a month. Since then, the price has climbed even more, with 30% gains seen, and was sitting at $0.95.
Not long after the change was made, Elon Musk acknowledged the buzz the change had created in a tweet.
The Twitter CEO had also made the news on Friday in regard to Dogecoin, as his lawyers filed a motion with the Manhattan judge for throwing out a lawsuit worth $258 billion.
The said lawsuit has accused the Tesla CEO and his electric car company of supporting DOGE’s price and running a pyramid scheme.
Lawyers of Tesla and Musk have called the lawsuit a work of fiction, as the filing said that it was not unlawful to share funny memes or words of support about a legitimate crypto with a $10 billion market cap.
The relationship
The use of the DOGE mascot on the social media platform is the latest move in a long-running relationship between the canine-themed token and the Twitter CEO Elon Musk.
In the past, Tesla had admitted to holding both Bitcoin and DOGE. Last year, the company had sold off about 75% of its Bitcoin holdings.
However, the CEO had clarified in an earnings call that the company was still holding onto its DOGE purchase and had not sold it off.
Twitter acquisition
After Musk purchased Twitter last year in October, there had been heavy speculation that the social media platform would add support for the meme token as a means of payment, as the tech billionaire is trying to reimagine the firm.
It was reported in January that Twitter was developing a payments product in a way that would also support crypto payments.
DOGE has also been adopted as a payment method by Musk’s firms in the past. SpaceX and Tesla started accepting payments in DOGE last May for buying merchandise.
Musk also tweeted months later that he would continue to support Dogecoin wherever possible. His interest in the meme coin had first begun back in 2019.
In 2021, Musk’s appearance on ‘Saturday Night Live’ saw the fervor surrounding DOGE reach a climax, as the price of the token touched an all-time high of $0.73.