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Why did dogecoin’s value just skyrocket?

Answer: If you didn’t guess Twitter, you’re clearly new here.

A golden dogecoin standing on end surrounded by a pile of dogecoins lying on their sides.
Shutterstock/Jiri Hera
Twitter, for no apparent reason, changed the logo on its website. It’s not, however, an updated version of the iconic blue bird like you were probably expecting. This is Twitter, after all.

A new animal has taken the place of the bird — a dog. More specifically, a Shiba Inu that looks suspiciously like the logo of the dogecoin cryptocurrency. Upon seeing it, many suspected that Twitter CEO Elon Musk was behind the change. He has expressed support for dogecoin in the past and is even currently involved in a legal battle around it. Plus, this is just really on brand for him.

And it certainly didn’t hurt dogecoin either. According to TechCrunch, the cryptocurrency’s value skyrocketed in response. As of Monday it had gone up to $12.4 billion, an increase of about 30 percent, in just one day.