The Shiba Inu Dogecoin Logo Replaces the Twitter Bird, Prices Skyrocket to IDR 59.7 Trillion

JAKARTA - Twitter's blue bird logo was replaced with an image of a Shiba Inu dog owned by Dogecoin on Tuesday, April 4, helping the market value of this cryptocurrency meme grow to USD 4 billion (IDR 59.7 trillion).

This token, which was born as a satire of the cryptocurrency craze in 2013 and has no fundamental use, jumped to 10 cents around 3 p.m. EST from 7 cents when Elon Musk indicated in a tweet on Monday April 3rd that he had kept his promise to change the media app's logo social media with pictures of Dogecoin dogs.

With a market cap of $13.7 billion, Dogecoin is now the seventh largest cryptocurrency, according to data site CoinMarketCap.com. Its market value was around 10 billion US dollars (150 trillion) before this news was announced.

Musk, who is ranked as the second richest person in the world according to Forbes, is an outspoken supporter of cryptocurrencies and has heavily influenced the prices of Dogecoin and Bitcoin in the past.

On Friday, March 31, this Tesla boss asked a judge in the United States to dismiss a $258 billion (IDR 3.852.5 trillion) extortion lawsuit accusing him of running a pyramid scheme to support Dogecoin.

Dogecoin more than doubled in October after Musk, dubbed "the dogefather" by retail traders, completed a $44 billion deal to take over Twitter last October.

The shiba inu token, a spinoff of Dogecoin that trades in cents, was up 5.6% to $0.000014.