Dogecoin’s Shiba Inu dog replaced Twitter’s blue bird logo as the social media company’s logo on Tuesday.
This action increased the meme coin’s market value by up to $4 billion.
The token, which was created in 2013 as a satire of a cryptocurrency frenzy and has no fundamental use, increased to around 10 cents from 7 cents after Elon Musk indicated in a tweet on Monday that he had delivered on his promise of changing the social media app’s logo to dogecoin’s dog.
According to data site CoinMarketCap, dogecoin is now the seventh largest cryptocurrency, with a market capitalization of $13.7 billion. Before the news, its market value was around $10 billion.
Musk, the world’s second-richest person according to Forbes, is a vocal proponent of cryptocurrencies and has previously influenced dogecoin and bitcoin prices.
Tesla CEO Elon Musk asked a US judge on Friday to dismiss a $258 billion racketeering lawsuit accusing him of running a dogecoin pyramid scheme.
Dogecoin more than doubled in October after Musk, dubbed “the dogefather” by retail traders, agreed to buy Twitter for $44 billion in October.
The Shiba inu token has increased by 5.6% to $0.000014 in value.