Dogecoin, the cryptocurrency created by software engineers Billy Markus and Jackson Palmer, soared by more than 30% after Elon Musk replaced the Twitter logo with Shiba Inu. The social media’s famous bird icon was kicked out, and the image of the Ethereum-based altcoin hunting dog mascot was put in its place.

CNN Business reported that the Dogecoin logo was spotted on Twitter just two days after Musk asked the court to dismiss a $258 billion fraud lawsuit where he was accused of operating a pyramid scheme to support dogecoin.

Moreover, the suit started in 2022 and alleged that Musk has been manipulating dogecoin’s price and pushing it up over 36,000%. The legal team of the 52-year-old billionaire and chief executive officer of Twitter labeled the lawsuit filed by dogecoin investors as a “fanciful work of fiction.”

At any rate, it is not clear if the Shiba Inu is replacing Twitter’s blue bird icon for good or if it is just a temporary setup. The changing of the logo to Dogecoin proved to be very advantageous for the digital token as it was reported to have surged over the past 24 hours since the change.

It was noted that the price of dogecoin is usually volatile, but it went up by about 9 cents. The token was trading at less than 8 cents on Monday morning. Dogecoin was created in 2013 as a joke, but it became a popular doge meme at some point.

Finally, CNBC reported that Elon Musk has been hinting he holds dogecoin. Through his tweets and photos, the Twitter CEO suggested he owns some Shibu Inu digital tokens.

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