U.S. equities traded mixed on Tuesday morning trading in Asia, with Bitcoin dipping below the US$28,000 mark, while Ether rose 5.79% for the week. However, it was Dogecoin that led the winners, surging 18.51% to US$0.09331 for a weekly jump of 28.38%. This follows Elon Musk’s move on Monday to change the blue bird icon on Twitter to a Japanese Shiba Inu image.
The price of Dogecoin, a cryptocurrency created as a joke in 2013, jumped more than 20% after 'Dogefather' and Twitter CEO Elon Musk changed Twitter's iconic bird logo to a doge meme on Monday evening. The value of the cryptocurrency rose more than 20% following this change to Twitter's web logo.
Musk has continued to support DogeCoin despite an ongoing $258 billion lawsuit against him and recently asked the U.S court to throw out the case as it is fiction.
On Tuesday, after Elon Musk changed his profile picture on Twitter again making use of Shiba Inu dog which is also used by meme-based cryptocurrency as its main symbol for social media platform homepage; The price of Dogecoin surged by around 27%, outperforming most other digital assets.
Meanwhile OPEC+ unexpectedly cut oil production while concerns about possible recession resurfaced due to manufacturing slowdowns in America - analysts at CME Group are mixed on whether there will be any changes at Federal Reserve given nine interest rate hikes since June2006 but predict no change while inflation rates remain between4.75%-5.75%.