Dogecoin Jumps as Musk’s Twitter Flips Logo to Shiba Inu Dog

A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency dogecoin in this illustration taken June 16, 2022. (Reuters)
A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency dogecoin in this illustration taken June 16, 2022. (Reuters)
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Dogecoin Jumps as Musk’s Twitter Flips Logo to Shiba Inu Dog

A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency dogecoin in this illustration taken June 16, 2022. (Reuters)
A photo of Elon Musk is displayed on a smartphone placed on representations of cryptocurrency dogecoin in this illustration taken June 16, 2022. (Reuters)

Dogecoin's Shiba Inu dog replaced Twitter's blue bird as the social media company's logo on Tuesday, helping the meme coin add as much as $4 billion to its market value.

The token, born as a satire of a cryptocurrency frenzy in 2013 and has no fundamental use, surged to 10 cents around 1500 EST from 7 cents as Elon Musk indicated in a tweet on Monday he had delivered on his promise of changing the social media app's logo to dogecoin's dog.

With a market capitalization of $13.7 billion, dogecoin is now the seventh biggest cryptocurrency, according to data site CoinMarketCap.com. Its market value stood at around $10 billion before the news.

Musk, who is ranked as the second-richest person in the world by Forbes, is a vocal proponent of cryptocurrencies and has heavily influenced prices for dogecoin and bitcoin in the past.

The Tesla boss on Friday asked a US judge to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support dogecoin.

Dogecoin more than doubled in October after Musk, dubbed "the dogefather" by retail traders, sealed a $44 billion deal to take over Twitter in October.

The shiba inu token, a spinoff of dogecoin which trades in fractions of cents, rose 5.6% to $0.000014.



ImpaQ Forum Kicks Off in Saudi Arabia’s Diriyah

Saudi Minister of Media Salman Al-Dossary and other officials are seen at the opening of the event in Diriyah. (SPA)
Saudi Minister of Media Salman Al-Dossary and other officials are seen at the opening of the event in Diriyah. (SPA)
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ImpaQ Forum Kicks Off in Saudi Arabia’s Diriyah

Saudi Minister of Media Salman Al-Dossary and other officials are seen at the opening of the event in Diriyah. (SPA)
Saudi Minister of Media Salman Al-Dossary and other officials are seen at the opening of the event in Diriyah. (SPA)

Under the patronage of Saudi Minister of Media Salman Al-Dossary, the Impact Makers Forum (ImpaQ) kicked off in Diriyah on Wednesday, attracting a host of influencers, experts and content creators from around the world.

The opening ceremony featured a modern theatrical performance titled "The Butterfly Effect," celebrating the forum's message and its significance in various fields of influence.

In an opening speech to over 1,500 guests at the Diriyah Arena, Al-Dossary emphasized the growing role of influencers, highlighting the importance of leveraging this influence to foster creativity and innovation and to stimulate community and economic development.

"The Kingdom's Vision 2030, led by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, is a vision that has inspired the world and created impact," he stated.

"Influence can be a single word from a passerby that might forever change someone's life for the better. It could come from a street vendor striving to provide for his children, a loving father, or a great mother who performs miracles to instill values in her children," he remarked.

"Influence is not confined to platforms and screens alone. Look around you at work, in your club, in your neighborhood, at home, and you will see who has shaped your personality and life. ImpaQ celebrates them and all of you," stressed the minister.

The Impact Makers Forum, the largest of its kind in the Kingdom, is being held on a 23,000-square-meter venue and includes three main areas: "Innovation Space" hosting panel discussions and major events, "Impact Space" where influencers share their inspirational experiences, and "Lab Space" for creative and technical workshops.

The two-day forum features over 40 diverse activities across 14 areas of influence, including media, artificial intelligence, sports, tourism and culture. The event will attract over 30,000 visitors, making it a leading platform for exchanging expertise and showcasing success stories in various fields of influence.

The forum also allows international influencers through special tours organized in cooperation with the Saudi Tourism Authority, aiming to highlight Saudi Arabia's uniqueness and appeal. The opening ceremony was digitally streamed to over one million viewers.

The forum features a diverse and engaging agenda, including panel discussions and workshops, while fostering substantial interaction among participants and attendees. This dynamic atmosphere underscores the Kingdom's role as a global hub for inspiration and innovation in the area of influence.