With his most recent Twitter venture — a new logo with dogecoin in
place of the bird — Elon Musk 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.
— Elon Musk (@elonmusk) April 3, 2023
Why is Dogecoin going up today?
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 cryptocurrency. The price of Dogecoin also soared a few weeks ago
when Musk posted an image of the dog and labelled him the new CEO of
Twitter.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
Reason behind Dogecoin Twitter logo
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."
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Before acquiring the social media platform, the billionaire
tweeted in March 2022: “Given that Twitter serves as the de facto public
town square, failing to adhere to free speech principles fundamentally
undermines democracy. What should be done?"
The aforementioned Twitter user suggested Musk buys Twitter
instead and changes the logo to a doge.
"Haha that would be
sickkk," Musk had responded.
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 favour 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.
