Tech entrepreneur Elon Musk fondly recalled his infamous decision to briefly swap the Twitter logo for the Dogecoin (CRYPTO: DOGE) meme, a move that triggered a significant surge in the meme coin’s value. Musk later renamed Twitter “X.”
What Happened: On Saturday, Musk responded to a post on X from “DogeDesigner” who brought up the memorable event from two years prior. He wrote, “That was awesome.”
In April 2023, Musk had momentarily replaced the Twitter logo with the well-known Doge meme, the inspiration behind the original meme cryptocurrency DOGE, and its unofficial mascot.
Also Read: Elon Musk Responds To Benzinga Report: ‘Lots Of’ SpaceX, Tesla Workers Own Dogecoin; He Doesn’t Own Floki, Shiba Inu
The logo switch, which was in place for roughly a week, resulted in a substantial rise in DOGE’s price. The meme coin’s value increased by nearly 8%, followed by a swift additional 30% gain.
This was perceived by the Dogecoin community as Musk’s attempt to incorporate his favored meme coin DOGE into Twitter.
Why It Matters: Musk’s playful antics on Twitter have often had a significant impact on cryptocurrency markets, particularly DOGE.
His decision to replace the Twitter logo with the Doge meme not only demonstrated his influence on social media but also highlighted the volatile nature of meme coins and their susceptibility to external factors.
This event serves as a reminder of the power of high-profile individuals in shaping market trends and the potential for social media platforms to influence cryptocurrency values.
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