Elon Musk's Unlikely Gift to Dogecoin: A Tweet That Sparked a Price Hike
In a move that has left investors and cryptocurrency enthusiasts alike scratching their heads, Twitter CEO Elon Musk replaced the social media platform's iconic bird logo with an image of a Shiba Inu, the mascot of dogecoin, a joke cryptocurrency at the center of a $258 billion lawsuit. The sudden change came just two days after Musk asked a judge to dismiss the racketeering lawsuit accusing him of running a pyramid scheme to support dogecoin.
Musk's tweet announcing the logo change, which he labeled "as promised," seemed to be a nod to a 2021 conversation where another user suggested that Musk should buy Twitter and replace the bird logo with a doge. The image change has sent shockwaves through the cryptocurrency market, with the price of dogecoin surging over 20% in the past 24 hours.
The move is seen as an apparent show of support for dogecoin, which was created in 2013 by software engineers as a joke. Despite its origins as a meme, dogecoin has gained a significant following and trading volume, particularly among retail investors.
However, lawyers representing Musk and Tesla have dismissed the lawsuit as "a fanciful work of fiction" aimed at discrediting Musk's innocuous and often humorous tweets about the cryptocurrency. It remains to be seen whether the logo change will become permanent or was simply a one-off gesture from the Twitter CEO.
Regardless of its significance, the Shiba Inu logo has sent dogecoin prices soaring, with investors hoping that Musk's endorsement may signal a renewed interest in the joke cryptocurrency.
In a move that has left investors and cryptocurrency enthusiasts alike scratching their heads, Twitter CEO Elon Musk replaced the social media platform's iconic bird logo with an image of a Shiba Inu, the mascot of dogecoin, a joke cryptocurrency at the center of a $258 billion lawsuit. The sudden change came just two days after Musk asked a judge to dismiss the racketeering lawsuit accusing him of running a pyramid scheme to support dogecoin.
Musk's tweet announcing the logo change, which he labeled "as promised," seemed to be a nod to a 2021 conversation where another user suggested that Musk should buy Twitter and replace the bird logo with a doge. The image change has sent shockwaves through the cryptocurrency market, with the price of dogecoin surging over 20% in the past 24 hours.
The move is seen as an apparent show of support for dogecoin, which was created in 2013 by software engineers as a joke. Despite its origins as a meme, dogecoin has gained a significant following and trading volume, particularly among retail investors.
However, lawyers representing Musk and Tesla have dismissed the lawsuit as "a fanciful work of fiction" aimed at discrediting Musk's innocuous and often humorous tweets about the cryptocurrency. It remains to be seen whether the logo change will become permanent or was simply a one-off gesture from the Twitter CEO.
Regardless of its significance, the Shiba Inu logo has sent dogecoin prices soaring, with investors hoping that Musk's endorsement may signal a renewed interest in the joke cryptocurrency.
but for real, if he's gonna support dogecoin, it's cool i guess. people were saying they're not expecting much from the lawsuit and now the logo change is like a big deal 
. wonder if musk's actually serious about supporting dogecoin or if this is just another publicity stunt 
. anyway, it's good to see some love for an underdog currency 
anyway i feel bad for the people who got scammed by it back in 2013 but like congrats to whoever thought of a joke crypto lol. i think musk's tweet was a pretty cool move though, not sure if he meant to start supporting dogecoin tho. like what's next gonna be a monkey logo on reddit 
i guess you could say musk made good on his promise 
. But at least it's entertaining to watch the market react like crazy 
.
. If they think Elon Musk is some kind of crypto guru just because he tweets about dogecoin, they're sadly mistaken 
. But hey, maybe this logo change will bring in some new investors or something, who knows? One thing's for sure, it's gonna be a wild ride 
!
. Either way, it's definitely been entertaining to watch! 
. and omg 20% price hike in one day is wild 
. but seriously, who's got the power to make these big decisions on Twitter? it feels like a giant middle finger to the users 
. anyway, I'm just waiting for the inevitable lawsuit update 
and it's sent Dogecoin prices thru the roof! 
this is just amazing news for the crypto community and i am so here for it!!! 
here's some more stats: daily trading volume for Dogecoin is around $2 billion 
? maybe elon just wanted to bring some fun to twitter 
or maybe he's really into dogecoin now 
their price is thru the roof and they're getting all the attention 
only time will tell 
