In a move that sent shockwaves across the internet, Twitter’s iconic bird icon was booted and replaced with an image of a Shiba Inu. This change appears to be a nod to dogecoin, the joke cryptocurrency that has captured the attention of many investors, including Tesla CEO Elon Musk.
On Monday afternoon, Musk tweeted, “as promised,” along with an image of a year-old conversation in which another user suggested that Musk “just buy Twitter” and “change the bird logo to a doge.” The doge logo subsequently appeared on the site two days after Musk asked a judge to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support Dogecoin.
Despite the legal woes, the price of dogecoin surged over 20% within the past 24 hours, reaching about 9 cents. This surge highlights the coin’s volatile nature and the influence that Musk’s tweets can have on the crypto market.
Dogecoin was created in 2013 by two software engineers as a joke, taking its name from the “doge” meme that became popular a decade ago. The coin’s Shiba Inu mascot mirrors the meme, featuring a dog surrounded by a bunch of Comic Sans text in broken English.
While it remains unclear whether the logo change is permanent, Musk has a history of using Twitter to both entertain and provoke his followers and detractors alike. Meanwhile, lawyers for Musk and Tesla continue to dispute the lawsuit brought by dogecoin investors, dismissing it as a “fanciful work of fiction” based on Musk’s harmless tweets.
The recent logo change on Twitter has further cemented the link between dogecoin and its high-profile supporters. With Musk continuing to wield significant influence over the crypto market, it remains to be seen what the future holds for this meme-inspired coin.
What was the reason behind Elon Musk changing Twitter’s logo to the Dogecoin meme, and how did the value of Dogecoin react to this change?
Elon Musk, the billionaire entrepreneur, has made waves again by changing Twitter’s logo to the Dogecoin cryptocurrency meme. The move came as a surprise to many, and caused a 20% increase in the value of Dogecoin. Musk, who is a well-known fan of the Doge meme, has previously promoted the cryptocurrency on Twitter and during his appearance on “Saturday Night Live” last year.
However, Musk’s love for Dogecoin has also landed him in some legal trouble. Last year, he was named in a lawsuit accusing him of racketeering over his promotion of the cryptocurrency. The plaintiffs, seeking an exorbitant $258 billion in damages, pointed to his “SNL” appearance, where he portrayed a fake financial expert calling Dogecoin a “hustle.” Musk’s legal team has filed a motion to have the lawsuit dismissed, arguing that his statements in favor of Dogecoin did not defraud anyone and that there was nothing unlawful about tweeting support for a legitimate cryptocurrency.
As for the sudden change in Twitter’s logo, Musk explained it with a tweet that said, “As promised,” along with a screenshot of an exchange he had in March 2022 with a Twitter user who suggested changing the bird logo to a doge. Musk responded with enthusiasm, saying “Haha that would sickkk.”
The Dogecoin cryptocurrency was created in 2013 as a joke to mock other cryptocurrencies like Bitcoin. However, it has since gained a following and currently has a market cap of nearly $10 billion. With Musk’s endorsement, it seems that Dogecoin’s popularity is only set to grow.
Overall, while Musk’s love for Dogecoin may have landed him in some legal trouble, it has also sparked a renewed interest in the cryptocurrency. Only time will tell what impact Musk’s latest move on Twitter will have on Dogecoin’s future.
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