Unsurprisingly, Twitter has gone into meltdown over it - and people don't seem to be happy. I even saw one tweeter refer to it as "the great Instagram logo freakout of 2016" - and they don't seem to be far off the mark.
As with any radical change to a popular brand, this will all die down within a few days and people will be back to worrying about whether they've remembered to Instagram their eggs and avocado, rather than what the logo looks like.
Is it really that bad though?
Well, I'm no designer, so maybe I don't have "the eye" for it, but I personally quite like it. Yes, it is simple, but it's important for the brand to retain some similarities.
The old icon was a bit outdated and not very exciting. This new one is much more eye-catching and seems to represent the brand in a much more vibrant way. It has embraced the trend of "flat" design and the modern style of using just the outline of a camera.
You've also probably noticed that the design of the feed has changed too. White and grey have replaced the traditional chrome and blue - and there can't be much argument that this is a vast improvement.
Before it all seemed a bit boring, and not at all representative of Instagram being one of the world’s leading visual platforms. Now it's looking much more sleek and sophisticated.
So, what now?
Well, the hype over the new logo will inevitably die down in a few days, and we'll all go back to our daily lives. Really, it's not like anything has actually changed that will make a difference to the usability of the app. In fact, it just looks better now, if you ask me.
However, it's probably not long until Instagram's new algorithm gets rolled out, so we'll wait for the inevitable fallout from that, until people realise that it's actually brilliant and forget days later what they were moaning about.