Dogecoin's price surged as much as 30% on Monday, reaching an intraday high of around $0.1026, and its daily traded volume is up approximately 458% to stand at about $4.16 billion during the early Asian market on Tuesday.

Dogecoin's market capitalization is up about 25% to stand at around $13 billion. The spike in Dogecoin's metrics is directly attributed to the announcement by tech billionaire Elon Musk that the DOGE avatar will be the new Twitter logo.

Musk previously had promised to change the bird logo to a Doge one earlier last year, and his lawyers asked a U.S. judge on Friday to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support Dogecoin.