Dogecoin surges as Elon Musk changes Twitter bird to Shiba Inu

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Recently, Twitter made a significant change by replacing its traditional bird icon with an image of a Shiba Inu. This move is seen as a nod to dogecoin, a joke cryptocurrency that Elon Musk, the CEO, is currently facing a lawsuit over. Musk acknowledged the change on Twitter, fulfilling a user’s suggestion from a year ago to replace the bird logo with a doge.

This change comes after Musk requested the dismissal of a $258 billion racketeering lawsuit accusing him of promoting dogecoin through a pyramid scheme. Musk’s legal team has dismissed the lawsuit as a “fanciful work of fiction” based on his harmless tweets.

The switch to the doge logo has stirred speculation, considering Musk’s history of using Twitter to playfully engage with his audience. Following this change, the price of dogecoin, known for its volatility, rose over 20% in the past 24 hours to around 9 cents.

Originating as a joke from software engineers back in December 2013, dogecoin pays homage to the “doge” meme that gained popularity years ago. Its Shiba Inu mascot replicates the meme’s aesthetic, with a dog surrounded by Comic Sans text in broken English. The future of Twitter’s logo remains uncertain, but the impact of dogecoin on the cryptocurrency market continues to make headlines.