Elon Musk made news again with his latest Twitter adventure: a new logo, where the bird has been replaced by dogecoin.
Without prior notice, on Monday, the “doge” of cryptocurrency Dogecoin replaced the recognizable Twitter bird emblem above the home button on the web version of the social network.
The Twitter mobile apps will reportedly remain the same. The Dogecoin blockchain and cryptocurrency, which was founded in 2013 to mock existing cryptocurrencies like Bitcoin, features the Shiba Inu doge as part of its logo.
Why Is Dogecoin Going Up Today?
Musk, who paid $44 billion to acquire Twitter last fall, is a well-known superfan of the Doge meme and pushed Dogecoin on Twitter last year while presenting “Saturday Night Live.” Dogecoin’s price surged more than 30% on Monday after an online logo modification.
Twitter’s new logo isn’t the only event that boosted the cryptocurrency’s price. The price of Dogecoin also rose a few weeks ago when Musk posted a picture of the dog and announced him as 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
Explaining the thinking behind the Dodge 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 was dated March 2022. She 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 a de facto public town square, failure to uphold the principles of free speech undermines democracy at its core.” But it weakens. What should be done?”
The aforementioned Twitter user suggested that Musk buy Twitter instead and change the logo to a dog.
“Haha that would be sick,” Musk had replied.
Here’s what wasn’t meant to be funny: Musk was sued for fraud by backing Dogecoin in June 2022 in the US District Court for the Southern District of New York. According to a Reuters report, Musk’s legal team filed a motion. on Friday, March 31, to dismiss the case.
Plaintiffs who sued Musk, seeking a staggering $258 billion in damages, cited his hosting role on “SNL,” when he played a fictitious financial expert who, among other things, In addition, Dogecoin was called a “hustle”.
According to a brief from Musk’s attorneys, the plaintiffs in the action have not shown how Musk’s statements in favor of Dogecoin misled anyone, nor have they described the risks they say they face. Musk reportedly hid from investors.
