- Elon Musk’s Twitter homepage update results in a 30% spike in Dogecoin’s price.
- Twitter Blue subscription service faces backlash as high-profile users refuse to pay verification fees.
Dogecoin (DOGE) witnessed a swift price surge of over 30% when Elon Musk’s Twitter homepage replaced the typical blue bird with the cryptocurrency’s distinctive Shiba Inu dog logo. Musk has often endorsed DOGE, arguing that it may provide better payment functionality than Bitcoin (BTC). In January, the Financial Times revealed Twitter’s plans to create a payment system. Musk, as CEO, pushed for the integration of cryptocurrencies alongside fiat currencies, a development that elevated DOGE’s value.
Fortune reporter Leo Schwartz perceives the logo change as an attempt to deflect attention from the contentious Twitter Blue subscription service. This new service, which enables users to obtain verified status by purchasing a blue tick, has supplanted the previous system that exclusively granted blue ticks to noteworthy accounts. Consequently, “legacy accounts” must now pay a monthly fee to retain their verification status. Nevertheless, the majority of renowned media companies, celebrities, and politicians have chosen not to pay this fee, presenting a considerable issue for the social media platform.