On the third of April, Twitter made an uncommon maneuver by modifying its notable bird emblem to the image of Dogecoin, a trendy meme that features a Shiba Inu canine. Coincidentally, merely two days before this event, Elon Musk, the Twitter and Tesla CEO, requested a U.S. judge to dismiss a colossal $258 billion lawsuit initiated by investors who accused him of running a pyramid scheme to advertise Dogecoin.
As a result of this news, Dogecoin’s worth has sharply escalated, with its price surging over 22% within the last hour, reaching $0.09784 per unit. The transformation in Twitter’s emblem was executed across the platform and is now visible to an estimated 360 million monthly active users and visitors alike.
Musk’s lawyers argued that promoting the cryptocurrency through “amusing pictures” and “tweeting supportive messages” does not equate to fraud. Shortly after the emblem change, Musk tweeted a meme that insinuated that the change is permanent.
The Twitter Doge Meme Fad
Social media platforms are no stranger to memes, and Twitter is not an exception. Specifically, the Dogecoin meme that features a Shiba Inu canine has gained immense popularity on social media, particularly within the cryptocurrency community. The cheerful nature of the meme, combined with the cryptocurrency’s rising worth, has led many to embrace Dogecoin as a legitimate investment prospect.
Elon Musk’s Legal Problems with Dogecoin
Despite Dogecoin’s increasing popularity, it has not been without its share of disputes. As previously mentioned, Elon Musk is facing a $258 billion lawsuit initiated by investors who claim that he is running a pyramid scheme to advertise the cryptocurrency. Musk’s lawyers have strongly denied these allegations, stating that promoting Dogecoin through tweets and memes is not tantamount to fraud.
Dogecoin’s Price Surge After the Twitter Icon Change
The alteration in Twitter’s emblem to the Dogecoin meme has had a significant impact on the cryptocurrency’s value. Within only one hour of the emblem alteration, Dogecoin’s worth has surged by more than 22%, reaching $0.09784 per unit. This price escalation has been credited to the increased exposure of the Dogecoin meme on Twitter, which has sparked renewed interest in the cryptocurrency.
The rise of Dogecoin and its association with Elon Musk has been an intriguing development in the realm of cryptocurrencies. The alteration in Twitter’s emblem to that of the Dogecoin meme has further strengthened the cryptocurrency’s place in popular culture. Whether or not Dogecoin’s worth will continue to escalate or eventually fade into obscurity like many other memes before it is uncertain. Nevertheless, it is evident that the Dogecoin craze is far from over.