A Elon Musk’s decision to replace the historic bluebird as Twitter’s logo, either permanently or as a short-lived joke, sent Dogecoin up 21% to nearly 10 cents, according to CoinMarketCap.
Tesla’s owner, who bought Twitter last October, has long used the social network for self-promotion and humor, sometimes in favor of Dogecoin, a very volatile cryptocurrency originally created as a joke and known for its icon, a Japanese breed Shiba Inu.
The multibillionaire has indicated in the past that he holds part of his fortune in bitcoin.
Musk also raised the possibility of allowing Dogecoin to be used for online payments, sparking speculation about his vision of Twitter as an “app that does it all”, like WeChat in China, which offers many services.
An investor who lost money betting on Dogecoin filed a lawsuit in June 2022, asking for damages of 258,000 million dollars (about 235,000 million euros) to Elon Musk and his companies Tesla and SpaceX, although the billionaire denies the claims. allegations.
In a court filing released on Friday, Musk’s lawyers called the lawsuit a “fantasy narrative”.
“There is nothing illegal about ‘tweeting’ encouraging or posting funny pictures about a legitimate cryptocurrency”, they defended.
Changing the Twitter logo spawned a number of publications featuring the dog, including Elon Musk himself.
The multibillionaire also disclosed a conversation with a user last year, where he promised to buy Twitter and make Shiba Inu its logo.
Launched in 2013, Dogecoin was an ironic response to two Internet phenomena, cryptocurrencies, which multiplied after the success of bitcoin, and photo montages of a Shiba Inu dog that were very popular online.
Buoyed by some buying excitement around unlikely values in early 2021, as well as Elon Musk’s multiple positive tweets on Twitter, Dogecoin skyrocketed to over 70 cents in May 2021.
Afterwards, Musk sent mixed messages, first describing Dogecoin as an “unstoppable financial vehicle that will take over the world” and then as “a hoax”. The value of this cryptocurrency then began to retreat.
Read Also: Twitter ‘lost the peep’? Dogecoin replaces the traditional bird logo
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