(MANEND NEWS): Elon Musk has made news again with his newest Twitter adventure: A new logo, where the bird has been replaced by dogecoin.
Without any prior notice, on Monday, the “doge” of the cryptocurrency Dogecoin replaced the recognisable Twitter bird emblem above the home button on the web version of the social network.
Reportedly, the Twitter mobile apps remained the same. The Dogecoin blockchain and cryptocurrency, which was founded as a joke in 2013 to ridicule 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 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 labelled him the new CEO of Twitter.
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.”
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.