Dogecoin, represented by the iconic Shiba Inu logo, recently saw a substantial gain of more than 12% in just minutes after Elon Musk's Twitter Inc. publicized the symbol. The meme coin, which jumped up to $0.1017 from $0.077 prior to the tweet, has been given a huge boost by the change of the familiar Twitter blue bird symbol. Musk has been known to promote several activities on the currency such as encouraging better payment method than bitcoin and citing Dogecoin as his "fav cryptocurrency".

In January, Financial Times reported that Twitter was in the process of developing a system for payments on the platform in which fiat currencies will be allowed and Musk wanted the ability to add cryptocurrencies. This news further boosted the price of Dogecoin, helping it break the 10-cent mark after many months.

Dogecoin has recently made headlines for its adoption of a 2.0 system which includes the addition of a new algorithm for the digital coin. Ethereum founder Vitalik Buterin proposed the inclusion of DOGE in the platform to enable solutions to aid its scalability. The proposal was later confirmed by Musk on social media. This upgrade means Dogecoin is able to operate without charging any fees.

Dogecoin has come a long way since its launch as a joke cryptocurrency in 2013 and its potential looks promising. With Musk’s support and the recent surge in activities, there is a consensus that the currency could be here to stay in the long run, making it one of the more intriguing cryptocurrencies.



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