After Twitter CEO Elon Musk changed the microblogging platform’s logo, searches for the dogecoin cryptocurrency increased by 1,992 per cent globally, according to a recent report by 6Takarakuji.
On Monday, the CEO changed the Twitter logo from the iconic bird to the Shiba Inu from Dogecoin.
The increase is 20 times greater than the average search interest level over the previous seven days, according to data retrieved from Google Trends.
“Analysis of Google search data reveals that searches for Dogecoin have surged 1,992 per cent worldwide over the last seven days after Elon Musk changed Twitter’s bird logo to Dogecoin’s Shiba Inu on Monday, 3rd April,” the report stated. “This is an increase of over 20 times the search interest compared to average levels over the last seven days.”
Since Mr Musk replaced the company’s blue bird logo with the image of a Shiba Inu dog, the cryptocurrency’s price increased by more than 20 per cent.
According to the report, searches for “buy Doge” and “buy Dogecoin” increased by 1,044 and 253 per cent, respectively, after Mr Musk changed the Twitter logo.
Even though Mr Musk’s Twitter logo change is widely connected to Dogecoin, it also saw a 132 per cent increase in searches for “Shiba Inu coin.”
The number of “Twitter” searches on Google increased over the past seven days by 38 per cent as users became aware of the change and media outlets reported it.
According to Google Trends data, the new Twitter logo is responsible for nearly 72 per cent of the 25 most popularly trending searches related to the social media platform over the past seven days.
Mr Musk is one of the coin’s most-known investors. Mr Musk revealed last year that Tesla will now accept Dogecoin payments for the product.
Investors in cryptocurrencies claimed he was responsible for artificially inflating the coin’s price and filed a $258 billion racketeering lawsuit against him.
Shiba Inu dog memes started to gain popularity in 2013 on websites like Reddit and 4chan. The jokes featured illustrations of the breed of dog along with the dialogue that was purposefully written in sloppy English. The meme’s canine subject is referred to as “doge.”
Later that year, the joke cryptocurrency was introduced, and it remained largely worthless for years.
The digital token’s value increased to $0.73 in May 2021 due to Mr Musk’s suggestion that his automaker Tesla accept Dogecoin as payment.
