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Twitter’s New Logo Sparks Dogecoin Rally

Twitter’s New Logo Sparks Dogecoin Rally

On Monday, Twitter’s iconic blue bird logo was replaced by a cartoon Shiba Inu dog, the well-known mascot of the cryptocurrency Dogecoin. The change, which was a surprise move, led to a significant surge in the value of Dogecoin. The cryptocurrency rose by as much as 30%, reaching its highest level since early February. The meme dog was visible in the top-left corner of Twitter’s homepage, typically reserved for the social media site’s logo.

Elon Musk, the CEO of Twitter and a major proponent of Dogecoin commented on the change by sharing a cartoon depicting a “doge” interacting with a police officer. Dogecoin’s official Twitter account also reacted to the change by referencing the famous meme that sparked the currency’s reaction. “Very currency. Wow. Much Coin. How Money. So Crypto,” the account tweeted.

 

Twitter’s new logo is unclear, but it appeared just days after Musk’s lawyers asked a judge to dismiss a $258 billion racketeering lawsuit accusing the billionaire of running a “pyramid scheme” to boost the digital currency’s value. The lawsuit was over Musk’s “innocuous and often silly tweets” about Dogecoin. Lawyers for Musk and Tesla called the lawsuit a “fanciful work of fiction.”

 

 Musk’s Support for Dogecoin

Elon Musk has regularly emphasised his support for Dogecoin, tweeting in June that he was still purchasing the meme currency even while other cryptocurrencies declined in value.Tesla started taking Dogecoin as payment for select products in its online store last year. Musk has also hinted that Dogecoin may one day be accepted as payment on Twitter.

Musk’s Poop Emoji Response

Last month, Musk revealed that all media inquiries sent to Twitter’s press email account would receive an auto-reply of a single poop emoji. The billionaire dissolved Twitter’s communications team last year as part of major layoffs.

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