Have you noticed something different with Twitter? The owner Elon Musk delighted crypto bros and perplexed social media users after changing the birdie logo into a doggie. Specifically, he turned the Twitter logo into Dogecoin, the cryptocurrency Elon Musk promoted back then.
You might remember the billionaire dubbing himself the “Dogefather” in 2021 as an homage to the canine-themed digital currency. If not, you may recall his past cameo in Saturday Night Live as the video game character Wario from the Super Mario series. Believe it or not, the recent Twitter change was his response to a fellow crypto enthusiast.
On March 26, 2022, Twitter user Chairman (@WSBChairman) asked Musk to confirm his acquisition of Twitter “and change the bird logo to a doge.” The Tesla CEO replied, “Haha that would sickkk.” Several months later, Musk bought Twitter and fulfilled his promise as “Dogefather.”
Why did Doge rise in value following the Dogecoin Twitter logo?
Crypto fans saw the Twitter logo changing into the Dogecoin logo and probably took it as a sign to invest. As a result, the value of Dogecoin rose by 30%.
Following the logo shift, the Dogecoin price increased from 7.7 cents to 10.2 cents. Why would people see that as a signal to put their money into Dogecoin?
It is a cryptocurrency, a form of digital money that operates via a decentralized computer network called a blockchain. You may remember Bitcoin as one of the most popular types of cryptocurrency.
It became well-known as a digital asset that would revolutionize the global financial system. More importantly, people thought they could become instant millionaires by investing in it.
That is possible because it is a volatile asset. That means its value drastically rises and falls within hours. In other words, your Bitcoin’s value could grow tenfold or more within months!
You may also like: Twitter Crypto Payment System May Launch Soon
However, you may also lose it all quickly. Various factors affect price movements, and hype is among the most prevalent.
Seeing a popular, wealthy person like Elon Musk support a cryptocurrency may seem like a powerful endorsement. In response, people feel emboldened to allocate funds to their favorite crypto.
What is cryptocurrency?
If you still can’t wrap your head around the Dogecoin hype, don’t worry. We will discuss what cryptocurrency is so that we can discuss how Dogecoin works.
Cryptocurrency is a digital form of money that runs on a decentralized computer network called a blockchain. The enigmatic Satoshi Nakamoto created the first one called Bitcoin in 2009.
He envisioned crypto as the next evolution of our global financial system. Instead of giving control to central banks, it would allegedly return that power to the people.
Blockchains rely on computers operated by regular people, who become miners for the network. They “mine” Bitcoin by letting their computers verify BTC transactions.
Each exchange has a cryptographic key that the mining rigs must crack with computational power. These computers spend processing power to figure out the code of each transaction.
Photo Credit: theapplepost.com
Once they do, they earn proof-of-work, which gives mining rewards through additional Bitcoin. More importantly, their work allows the blockchain to function.
Nakamoto left the white paper and original code of Bitcoin, enabling others to create new cryptocurrencies. Nowadays, we have hundreds in circulation, such as Ethereum and Dogecoin.
What is Dogecoin?
Photo Credit: beincrypto.com
The Dogecoin Twitter logo may seem like a ridiculous joke. Believe it or not, Dogecoin’s creators intended their cryptocurrency as a gag!
Many people have become interested in cryptos ever since the launch of Bitcoin. However, Jackson Palmer and Billy Markus thought they took the concept too seriously.
In 2013, they gained inspiration from the Shiba Inu internet meme and created a digital token based on it. Thus, Dogecoin was born!
Despite its silly beginnings, Dogecoin remains on the list of top 10 cryptocurrencies. At the time of writing, DOGE is number eight.
More importantly, various real-world companies accept Dogecoin as payment. These include the gamer-oriented streaming platform Twitch and Elon Musk’s automaker Tesla.
Conclusion
Elon Musk had a light-hearted surprise for Twitter users by launching the Dogecoin Twitter logo. As a result, the stunt raised the price of Dogecoin by 30%.
The Dogefather’s recent gimmick indicates that cryptocurrency adoption is expanding worldwide. Nowadays, Vietnam leads the Global Crypto Adoption Index.
The Philippines is a close second. Learn more about cryptocurrencies and other digital trends by following Inquirer Tech.
Frequently asked questions about Dogecoin and Twitter
Will Twitter accept crypto payments soon?
Elon Musk has been saying for several months that he wants Twitter to become a super app. It is an app that offers multiple functions found in separate apps. One of his primary goals is to implement a payment system that accepts fiat first and cryptocurrency in the future.
Why did the price of Dogecoin rise after the Twitter logo changed?
Elon Musk is vocal about his support for Dogecoin, calling himself the “Dogefather” back then. His vast wealth and experience cause many crypto enthusiasts to use his statements as investment signals. They likely saw the Twitter Dogecoin logo as a sign to allocate funds to the token, increasing its value.
Should I invest in Dogecoin?
Be clear about your investment goals before you spend money on any asset. Also, study your options thoroughly to ensure your assets can help you achieve your goals. More importantly, speak to a financial advisor to build your portfolio properly.
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