The value of Dogecoin jumped after American billionaire Elon Musk shared Twitter's new "X" logo.
Benzinga reported that Dogecoin saw a rise of more than 7 percent, trading at $0.080.
“In fact, over the past week, DOGE has seen an 18 percent increase, making it one of the best performing coins in recent days,” he noted.
He explained that "the reason that led to this sudden boom was the owner of Twitter and the richest man in the world, Elon Musk."
On Tuesday, Musk released a promotional ad for Twitter's new logo, which was originally shared by Dogecoin's creator, DOGE Designer.
It is also interesting that Musk added the Dogecoin symbol to the location field on his official Twitter page.
Given Musk's well-known history of publicly supporting Dogecoin, this small edit to his Twitter profile has sparked speculation about his intentions.
"Dog" instead of "Blue Bird".. What's happening on Twitter?
Last April, Twitter users (currently X) noticed the platform's logo changed to a "dog" instead of the famous blue bird icon.
While there has been no official comment from the company about the reason, speculation has circulated that this change is related to the popular digital currency "Dogecoin", which Musk has long supported.
The icon showed a Shiba Inu dog, the Dogecoin logo.
This change caused the currency to rise in value by about 30 percent at the time.
Fox said there is speculation that the move is linked to the lawsuit Musk is facing, accusing him of running a "pyramid scam" to promote the currency, and demanding he pay $258 billion.
The currency, which was founded in 2013, has gained popularity over the past two years, and a coordinated online campaign emerged in an attempt to reach one dollar, which did not happen, and its value collapsed.
Lawyers for people who invested in the cryptocurrency have accused Musk of fraud, over his tweets in support of the digital currency, saying he deliberately increased its value by more than 36,000 percent over two years before letting it collapse, after making billions of dollars in profits, at the expense of other investors.
