Dogecoin Price Surges After Elon Musk Briefly Changes the Twitter Logo with the Doge

Elon Musk continues his unique and somewhat absurd experiments with Twitter as he used a new logo with dogecoin in place of the bird — he has once again made headlines.

On Monday, the well-known Twitter bird icon above the home button was suddenly changed with the “doge” of the cryptocurrency Dogecoin on the website version of the social network.

The Twitter mobile apps reportedly remained the same. The Shiba Inu doge appears as the emblem of the Dogecoin blockchain and cryptocurrency, which was created in 2013 as a joke to mock other cryptocurrencies like Bitcoin.

After Elon Musk changed the bluebird logo of Twitter to a dog associated with the digital token, despite the mogul being sued over his previous promotion of the coin.

His decision to change the logo to a Shibu Inu dog, whether permanent or another short-lived joke, caused the price of dogecoin to surge by more than 20 percent, from below $0.08 to more than $0.10.

A Reuters report said Mr. Musk is facing a $258 billion lawsuit alleging he ran a pyramid scheme to support dogecoin. The Twitter CEO’s legal team asked the court to dismiss the dogecoin suit a few days before the meme appeared on Twitter’s site.

Musk, who paid $44 billion to acquire Twitter last autumn, is a well-known superfan of the Doge meme and has pushed Dogecoin on Twitter and while presenting “Saturday Night Live” last year. The price of Dogecoin increased by more than 30% on Monday following the modification to Twitter’s online logo.

The new Twitter logo is not the only incident that pushed the price of the cryptocurrency. The price of Dogecoin also soared a few weeks ago when Musk posted an image of the dog and labeled him the new CEO of Twitter.

When explaining the thought behind the Doge logo change on Twitter, the second-richest man on the planet tweeted a screenshot of a conversation he had with a Twitter user. The chat was with someone named @WSBChairman and dated back to March 2022. He captioned the photo: “As promised.”

Here is what was not intended to be humorous: A lawsuit charging Musk of engaging in racketeering by supporting Dogecoin was filed in the Southern District of New York’s US District Court in June 2022. According to a report from Reuters, Musk’s legal team submitted a move on Friday, March 31, to have the lawsuit dismissed.

The plaintiffs who filed a lawsuit against Musk, claiming a staggering $258 billion in damages, mentioned his hosting role on “SNL,” when he played a fictitious financial expert who referred to Dogecoin as a “hustle,” among other things.

The plaintiffs in action have not demonstrated how Musk’s statements in favor of Dogecoin deceived anyone, nor have they described the risks Musk is said to have concealed from investors, according to the brief by Musk’s lawyers. 

Lawyers for Musk and Tesla have called the lawsuit’s allegations a “fanciful work of fiction” over Musk’s “innocuous and often silly tweets” about Dogecoin.

The value of Dogecoin jumped last year after Musk announced Tesla merchandise could be bought using it.

On Twitter’s logo change, Dogecoin’s value jumped from US$0.079 to US$0.094, the highest value the currency has been since November last year.

Twitter is now worth less than $20bn, according to a leaked internal memo, under half what Musk paid for it six months ago. Despite promising to remove legacy blue ticks for verified users from 1 April, the site has only so far removed the tick for the New York Times’s main Twitter account.

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