Dogecoin jumps after Elon Musk replaces Twitter bird with Shiba Inu | CNN Business

Dogecoin, a cryptocurrency that started as a joke, soared after Tesla CEO Elon Musk replaced his Twitter profile picture with a Shiba Inu, the same breed of dog that is featured as the face of Dogecoin. The popular virtual currency, which was created in 2013, has been on the rise in recent weeks, thanks in part to tweets from Musk, who has called Dogecoin “the people’s crypto.” The price of Dogecoin jumped by more than 20% after Musk changed his Twitter picture, reaching a market cap of over $10 billion. As of this writing, Dogecoin is among the top 10 most valuable cryptocurrencies on the market. While some experts warn that the rise of Dogecoin is a speculative bubble that could burst at any moment, others see it as a sign of the growing mainstream acceptance of virtual currency. With celebrities like Musk jumping on the bandwagon, Dogecoin continues to capture the attention of investors and the public alike.