Dogecoin’s price increased by more than 20% in a day with not much mobility in the cryptocurrency market. The most notable reason for this price move is that Twitter has changed its iconic logo, the bluebird, for the logo of Dogecoin, a widely-known image as Dogecoin’s logo.
Twitter changes its logo to a DogeCoin
Twitter changed its logo without prior notice to the image of Dogecoin, the same image used for Dogecoin’s logo, without the D on top. The logo change can only be seen on the desktop version and when entering the Twitter website through a web browser. Twitter users are quite surprised and do not understand Twitter’s move.
There is no official statement from Twitter so far, only a meme posted by its owner Elon Musk about the logo change. In the tweet, he shows a butterfly driving with the Dogecoin’s face on top, the policeman checking its identification with Twitter’s original logo, and the butterfly saying it is “an old photo.” It is unclear if it is a real and permanent change or if Elon Musk is just trolling his company.
— Elon Musk (@elonmusk) April 3, 2023
DOGE price increase
This move seems to have generated a price increase of more than 20% in Dogecoin, as the moments when Twitter’s logo changes coincide with volatility in Dogecoin’s price. Before the logo change, the price of Dogecoin was around $0.077 per unit, and after the logo change, at the time of writing, it increased to $0.096 per DOGE.
A lawsuit, Twitter’s logo change, and DOGE’s price increase
On April 3, Elon Musk’s lawyers requested a US court to dismiss a lawsuit against him for $258 billion for operating a pyramid scheme with Dogecoin by publicly supporting it and generating volatility in its price.
Musk’s lawyers argue that the lawsuit is a “strange invention” by the plaintiffs, based only on Musk’s nonsense with Dogecoin. They claim that Musk’s statements of support for Dogecoin are too vague to accuse him of fraud.
Based on these ideas, they have asked the court to dismiss the lawsuit for lacking legal grounds to continue the judicial process. Now, the parties are waiting for the judge’s decision.
It is curious that just when Elon Musk’s lawyers made this legal move, Twitter changed its logo to Dogecoin, and as on previous occasions, this generated an increase in DOGE’s price.
Being the owner of Twitter, Elon Musk probably wanted to make a point or convey a message.
It is known that the magnate is a friend of Billy Markus, Dogecoin’s creator, and in recent years, he has not missed the opportunity to promote the cryptocurrency or make jokes about it.
He even was one of the main characters during his appearance as a host on Saturday Night Live in 2021.
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