TECH
Dogecoin's Shiba Inu dog replaced Twitter's blue bird as the social media company's logo on Monday, helping boost the market value of the token, which emerged as a satire of the 2013 cryptocurrency frenzy, by up to 4 billion dollars.
This Tuesday, the cryptocurrency rose from 0.07 to 0.10 dollars with Elon Musk indicating in a tweet on Monday that he fulfilled his promise to change the icon of the social networking app to the dog of dogecoin.
With a market cap of $13.7 billion, dogecoin is now the seventh-largest cryptocurrency, according to data site CoinMarketCap.com. Prior to the news, the cryptocurrency's market cap was around $10 billion.
Musk, the second-richest person in the world according to Forbes, is a vocal advocate of cryptocurrencies and has in the past heavily influenced dogecoin and bitcoin prices.
Tesla's chief executive on Friday asked a US judge to dismiss a $258 billion racketeering suit that accuses him of running a pyramid scheme to support dogecoin.
Dogecoin more than doubled in value in October after Musk, dubbed by retail traders "The Dogefather" in an allusion to the movie "The Godfather", bought Twitter for $44 billion.
(Reporting by Medha Singh in Bengaluru)
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