Elon Musk unexpectedly changed the Twitter logo to a meme and the face of the cryptocurrency “Dogecoin” on Monday. The news spread quickly and thousands of tweets were made about this new development.
Dogecoin, which was created in 2013, has gained significant attention in recent months due to its soaring value and the involvement of Musk, who has been promoting the cryptocurrency on his Twitter account.
The new logo change is interesting news for those who carefully follow the online world and cryptocurrency.
Here are the details.
Musk and Dogecoin- His Legal Battle Before Acquiring Twitter
Musk’s latest move, changing his Twitter profile picture to a meme of a Shiba Inu dog (the face of Dogecoin), has once again stirred up the cryptocurrency community. In June 2022, Musk was even sued in the Southern District of New York’s U.S. Court on charges of promoting Cryptocurrency.
On March 31, 2023, Musk’s legal team filed a motion to dismiss the lawsuit, and the timing of Twitter’s Doge icon change suggests that he may be trolling the litigants.
The plaintiffs sought $258 billion in damages and highlighted Musk’s appearance on “SNL,” where he played a fake financial expert on Weekend Update who referred to Dogecoin as a “hustle.”
Why Did Musk Change the Twitter Logo?
To clarify the reason behind the Doge logo alteration on Twitter, Musk shared a screenshot of a conversation he had back in March 2022 with random Twitter user WSBChairman, and wrote: “as promised.”
In February, Musk also tweeted a dog sitting on a chair and captioned it, “The new CEO looks amazing.”
Many users on Twitter have been quick to speculate that Musk’s latest move is a sign of his increasing support for the cryptocurrency. Others have suggested that the move may be a playful jab at Bitcoin, which has been losing value in recent weeks.
What’s Happening Now?
Whatever the reason behind Musk’s decision, it is clear that it has once again brought Dogecoin into the spotlight.
Dogecoin’s value has skyrocketed recently, rising by more than 20 % since the start of the year. The cryptocurrency has been fueled by the involvement of high-profile figures (like Musk). He has even referred to himself as the “Dogefather”.
While some experts have warned that Dogecoin’s value may be a bubble that is bound to burst, others believe that it may have long-term potential as a legitimate currency. Musk’s involvement with Dogecoin has been controversial, with some critics accusing him of manipulating the currency for personal gain. He has even announced that SpaceX will accept Dogecoin fungs for lunar missions. This makes it the first currency to get associated with the moon.
However, Musk has denied any wrongdoing and has maintained that his tweets about Dogecoin are simply jokes. He said there is nothing wrong about posting funny pictures or telling jokes.
Regardless of the controversy surrounding Musk’s involvement with Dogecoin, there is no denying that his latest move has once again put the cryptocurrency in the spotlight.
As of writing, Dogecoin’s value has risen by more than 10% in the past 24 hours, with many investors hoping that Musk’s support will continue to drive the cryptocurrency’s value upward.
It is also clear that Elon Musk is not afraid to take risks and try new things. From launching rockets into space to creating electric cars that can drive themselves, Musk has made a career out of pushing boundaries and challenging the status quo.
In the grand scheme of things, changing a Twitter logo may seem like a minor detail, but it’s just another example of Musk’s willingness to think outside the box and do things his own way. We will see whether the bird logo will ever come back again or not. To stay tuned about the recent developments, keep visiting us.