In several sections of the company’s website, Twitter CEO Elon Musk have replaced the company’s logo with the icon for the well-known cryptocurrency Dogecoin. On his own Twitter account, Musk used an internet meme to announce the transition.
The price of Dogecoin, a cryptocurrency, increased by nearly 30%. When Twitter CEO Elon Musk replaced the app’s blue bird logo with a Shiba Inu dog, a symbol frequently connected with the coin, on Monday.
Since its founding in 2013, Dogecoin has grown in popularity. There was a deliberate effort to raise the coin’s value to $1, although this has not yet occurred. The coin was worth roughly one cent just after 11 p.m. on Monday.
On Monday, Musk shared a screenshot of the communication and said, “As promised.”
This sudden change in the logo is like the action taken to what a twitter user suggested Musk and finally resulted in Dogecoin Price hike.
“Is a new platform needed?” he tweeted.
“Just buy Twitter,” one user said. “And change the bird logo to a doge.”
“Haha that would [be] sickkk,” Musk said.
He is currently facing a $258 billion class-action lawsuit in federal court, where he is accused of engaging in a pyramid scheme by promoting the cryptocurrency. Musk often voiced his support for the coin and was even nicknamed “The Dogefather.”
He is currently being sued in federal court in a $258 billion class action lawsuit for allegedly running a pyramid scheme to promote the cryptocurrency. Musk, who was named “The Dogefather,” frequently expressed his support for the cryptocurrency.
Musk Sued For Allegedly Manipulating Dogecoin Price Markets
Musk’s choice follows his March 31 request to a US judge to dismiss a $258 billion racketeering lawsuit accusing him of operating a pyramid scheme to benefit Shareholders.
Investors contend that Musk inflated Dogecoin’s price by more than 36,000% before allowing it to decline so he could short the cryptocurrency. The lawsuit cites his performance on Saturday Night Live, where he advised viewers to invest in bitcoin, as well as tweets like “Dogecoin Rulz.”
The $258 billion in damages is just the thrice of the amount that seems to be the decline in Dogecoin’s value during the 13 months leading up to the claim, according to court documents.
Stay tuned for more updates!