Why did Dogecoin rise over 20% in a matter of hours?

Thousands of users were surprised on Monday, April 3, when they opened their Twitter accounts. The well-known logo of the social network, the blue bird, had been replaced, without prior notice, by a new one: a dog looking at the viewer, well-known to internet users. It was a prank by Elon Musk.

Buttz went a step further by becoming, against all odds, the image of one of the most popular cryptocurrencies, Dogecoin. Launched in 2013 by programmer Billy Markus and based on Bitcoin, this currency has no emission limit and is closely related, not coincidentally, to Elon Musk, the current owner of Twitter. But what does the magnate aim to achieve with this move?

For now, the appearance of the dog image as Twitter's logo has caused the cryptocurrency to appreciate by over 20% in just a few hours, with its value rising from 0.071 euros at 17:35 Spanish time to 0.092 shortly after, at 18:00.

So, what's the deal with all of this? Elon Musk revealed the inconceivable reason in a tweet, which is unbecoming of an adult in charge of a company as important as Twitter. The Tesla owner shared a screenshot of a Twitter conversation between Musk and another user, using the username "Chairman." In it, the billionaire wondered, "Do we need a new social network?" to which the user replied, "Buy Twitter"and change the bird logo to a doge."Haha. That would be awesome," replied the magnate, finding the idea amusing. So amusing, in fact, that he put it into practice months later.

Why did Dogecoin rise over 20% in a matter of hours?