The social media space has been thrown into a state of frenzy as social media giant Twitter changes its icon from the trademark bluebird to Shiba Inu, the popular Japanese dog, which is the logo of Dogecoin.
Multiple users reported that the Dogecoin logo has surfaced on their default loading page and main logo icon, as seen in the images below.
Recall that before Elon Musk bought Twitter last year, Dogecoin enthusiasts have been speculating on the meme coin and its capacity to be incorporated into Twitter. And when Elon eventually took over as CEO, there were promises around crypto integration.
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Therefore, using the Shiba Inu as the new Twitter logo could be part of a bigger strategy to put the meme coin at the centre stage of social media’s crypto capabilities.
Reactions
Users are now speculating about the new Dogecoin Twitter logo. A pseudonymous user believes this could be part of a poorly implemented late “April’s fool” joke. According to the tweet:
“Doge for some reason is showing up on Twitter and I can only assume this was supposed to be an April Fools joke that took 3 days to roll out because no one knows how the site works anymore (…). Also retweets might be broken now? Apparently they don’t show as retweets properly? probably broke that to implement the stupid dog icon, i don’t know anymore.”
Another Twitter user thinks this is one of the shenanigans that Elon has been known for since his takeover. The tweet says:
“Wait, Elon has changed the Twitter bird logo to Dogecoin logo? What sort of destructive nuisance is this billionaire fgs”
Dogecoin enthusiasts and market participants are, however, betting on further momentum. Another pseudonymous Twitter user that keeps track of DOGE’s price action said Doge might continue an upward trend.
“Might re-enter if Elon, or Twitter official accounts, come out and says something quite positive about it (possible implementations). Your next step is likely tracking those two and keeping an eye out for anything Doge-related.”
Dogecoin rallies following icon change
Dogecoin is now having a great showing, with its price up by more than 25% in the last 24 hours and over 36% in the last seven days following the icon change.
Google Trend data also shows that searches for ‘dogecoin’ soared 1,992% globally. ‘Buy Doge’ and ‘buy Dogecoin’ searches soared 1,044 and 253 per cent, respectively, and Shiba Inu coin also saw a 132 per cent rise. Dogecoin is now ranked the seventh most valuable cryptocurrency by Coinmarketcap, overtaking Cardano.
This is an increase of over 20 times the search interest compared to average levels over the last seven days. The change caused buying interest to surge overnight, as searches for ‘buy Doge’ and ‘buy Dogecoin’ soared by 1,044 and 253 per cent, respectively.
Though famously associated with Dogecoin, Musk’s Twitter logo change also caused searches for ‘Shiba Inu coin’ to surge by 132 per cent.
Google searches for ‘Twitter’ have leapt over the last seven days, rising 38 per cent as users noticed the change and media outlets reported it. Google Trends data shows that almost three-quarters (72 per cent) of the 25 highest-trending searches relating to Twitter over the last seven days regard the logo change, which has created a buzz amongst internet users.
But many users unfamiliar with Dogecoin have been left confused by the image change. ‘Why is there a dog on Twitter,’ ‘Twitter dog logo’ and ‘Twitter logo change’ are among the top trending searches.
Elon Musk and Dogecoin relationship
Elon Musk is famously associated with the coin and is among its most high-profile investors. Multiple market studies in the past have suggested that Musk tweeting about DOGE tends to drive its price higher.
Throughout 2021, Musk promoted the cryptocurrency with slogans such as “Dogecoin is the people’s crypto” and proclaimed himself the “Dogefather.” Last year, Musk announced that Tesla would accept Dogecoin payments for its products.
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In March 2022, a user suggested that Musk buys Twitter and changes the bird logo to a doge. Elon responded with approval. Musk has now tweeted a screenshot of that conversation with the caption ‘as promised.’
What next?
There is a very strong correlation between the Dogecoin price and the Elon Musk-owned microblogging platform. Besides having its most vibrant community there, the biggest promotion of the digital currency takes place on Twitter, making the social media platform Dogecoin’s biggest publicity stage.
With this new development, Elon Musk has shown his power and has demonstrated that Twitter belongs to him. The effects of his actions are evident in the surge of user interest in Dogecoin, as investors rush to buy Doge to catch any potential yields as the price shoots up.
There are indications that the change will be around for a while. This can only mean that Dogecoin would continue to enjoy the buzz and hype of Twitter’s new logo regardless of how users feel about the ‘joke.’
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