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Fortune
Fortune
Marco Quiroz-Gutierrez

Dogecoin still up 25% after Elon Musk pulls switcheroo with Twitter logo

Artistic rendering of Dogecoin tokens (Credit: Photo Illustration by Fortune.)

Elon Musk makes a move, and the Doge pack follows. 

Dogecoin has skyrocketed 25% over the past 24 hours, after Musk, the self-appointed “Dogefather,” swapped the Twitter logo for a Doge on the web and mobile browser versions of the platform.

On Monday after the switch, the memecoin quickly jumped more than 20%, to as high as 10 cents, according to CoinMarketCap. The cryptocurrency is up around 40% since Jan. 1.

In the aftermath of the logo change, which set Crypto Twitter alight with speculation, the new Twitter owner and longtime Dogecoin enthusiast tweeted “As promised” along with a photo of a previous interaction in which he’d agreed with another Twitter user that incorporating a Doge logo would be “sickkk.”

Dogecoin and Musk’s zealous fans have theorized that the logo change is just the beginning of the billionaire’s plan to incorporate the cryptocurrency as a payment method or into Twitter in some other way. Plans to do so have not been announced.

Others on social media guessed that the change was a late April Fools' Day joke or a possible diversion from Musk’s legal troubles involving the crypto. Last week, Musk asked a judge to dismiss a $258 million lawsuit that alleges he helped run a pyramid scheme to support Dogecoin, Reuters reported on Monday. 

Prices were up across most of the crypto market on Tuesday, with the second-most-popular cryptocurrency, Ether, up 3.36%, and altcoins like Polygon (MATIC) and Solana (SOL) up around 2.8% each just before midday. Bitcoin was down 0.14%.

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