On July 24, the meme cryptocurrency Dogecoin (DOGE) jumped 9% to $0.083 after Twitter owner Elon Musk placed the symbol ‘Ð’ in his profile description.
At the moment, the asset has corrected to around $0.08. According to CoinGecko, the coin rose to eighth place by market cap, surpassing Cardano. The valuation reached $1.63 billion.
Next to the DOGE symbol, the billionaire placed a new social-media logo — ‘?’. Earlier, Musk refused the iconic blue bird as part of a broad rebranding. The steps he proposed will kick off the transformation of Twitter into a large ecosystem, akin to WeChat.
Musk also retweeted a video showing the animation of the new logo by a user under the handle DogeDesigner.
The owner of Tesla and SpaceX has long been promoting the meme token. In April 2022, he proposed lowering the price of Twitter Blue and providing users the ability to pay for the premium service in DOGE.
In February 2023, the price of the meme cryptocurrency rose in response to a series of Musk’s tweets. The entrepreneur introduced his dog named Floki as Twitter’s CEO and a new member of the company’s board of directors.
On 3 April, DOGE’s price at one point jumped 25% to exceed $0.10. This happened amid the social network’s logo change to the dog of the Shiba Inu breed, which is the coin’s mascot.
Later, Musk restored the blue bird — the meme cryptocurrency reacted fell 8%.
Earlier, Binance chief Changpeng Zhao said that the Twitter owner had ‘given Dogecoin a longer life’ that could have ‘long since disappeared’.