Worldwide online searches for cryptocurrency ‘Dogecoin’ surged significantly by 1,992% after Elon Musk changed Twitter’s bird logo to Dogecoin’s shiba inu, according to a recent report.
The spike represents a more than 20-fold increase in search interest compared to the average levels over the past week.
Searches for ‘buy Doge’ and ‘buy Dogecoin’ increased by 1,044 percent and 253 percent, respectively, which also resulted in a surge in buying interest for the cryptocurrency.
The price of Dogecoin rose by over 30 percent and briefly surpassed Cardano to become the seventh most valuable cryptocurrency on CoinMarketCap.com.
Although the shiba inu is famously associated with Dogecoin, the logo change also led to a 132 percent surge in searches for ‘Shiba Inu coin.’
In the past seven days, Google searches for ‘Twitter’ have also increased by 38% as users and media outlets reported on the change. Google Trends data shows that 72 percent of the top 25 trending searches related to Twitter over the past week were about the logo change, generating a buzz among internet users. However, many users who are unfamiliar with Dogecoin were left confused by the image change, leading to searches for ‘Why is there a dog on Twitter,’ ‘Twitter dog logo,’ and ‘Twitter logo change.’
Musk is famously associated with Dogecoin and is one of its most high-profile investors. Last year, he announced that Tesla would accept Dogecoin payments for its products. However, he is also accused of intentionally inflating the coin’s price and is facing a $258 billion racketeering lawsuit from cryptocurrency investors who describe it as a ‘pyramid scheme.’
