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Doge Spikes 20%+ As Iconic Shiba Inu Replaces Twitter’s Bird
After Twitter changed its famous bird symbol with an image of a Shiba Inu dog, the associated coin started spiking sharply in value.
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Without warning, Twitter’s icon changed from the well-known blue bird to an image of a Shiba Inu dog around 1 PM on Monday afternoon. The change quickly reflected in the price of the dog-inspired “joke” cryptocurrency which soared to multi-month prices and even rose above $0.10 for a short time.
Twitter’s New “Mascot” Sends Doge Soaring
Early on Monday afternoon, Twitter’s iconic blue bird was replaced as the symbol in the upper left-hand corner of the website with an image of a Shiba Inu dog. The image was also used as the symbol for when the platform is loading, but not for the smartphone app, or the tab signifier for computer browsers.
The specific image is generally associated with one of the “meme” cryptocurrencies—Dogecoin. As a result, the price of the coin quickly soared even surpassing the multi-month high of $0.10 for a short time. While it didn’t maintain the high for long, it continued trading significantly above its usual price for the rest of the day at about $0.094.
While Elon Musk, known for previously expressing enthusiasm for the coin and even calling it his favorite cryptocurrency, made no official comments on the matter, he posted several memes after people started noticing the change. In one of his tweets, Musk referenced a conversation with the user “Chairman” he had before acquiring the platform late last year.
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Musk’s Lawyers Seek to Dismiss a Doge-Related Lawsuit
This Monday wasn’t the first time Elon Musk, either jokingly or intentionally, influenced the price of different assets. In late 2020, Musk tweeted “One word: Doge” causing the coin’s price to soar. He maintained his association with Dogecoin even after he acquired Twitter in 2022 and, in February he posted an image of his dog photoshopped to the role of Twitter’s CEO.
Musk’s actions have also landed him in trouble on multiple occasions. He was accused of running a pyramid scheme meant to support his favorite cryptocurrency. Musk’s lawyers recently requested the related $258 billion lawsuit be dismissed calling it a “fanciful work of fiction” and defended the billionaire’s actions as “innocuous and often silly tweets” about Dogecoin.
The famous billionaire also found himself in hot water for allegedly manipulating the price of stocks. After he announced his intention to buy Twitter, the platform’s investors sued him for “stock manipulation” during the initial stages of the takeover bid. Back in 2018, Musk was sued by the SEC for his “false and misleading tweets” in which he pondered taking Tesla private.
Why did Twitter remove its famous bird in favor of a Shiba Inu? Tell us what you think in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
