Elon Musk’s adoption of Shiba Inu boosts Dogecoin’s surge

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In recent news, Twitter’s traditional bird icon has been replaced with an image of a Shiba Inu, which is seen as a nod to the popular joke cryptocurrency, dogecoin. This change came shortly after CEO Elon Musk was sued over his involvement with dogecoin.

Musk addressed the logo change on Twitter, sharing a year-old conversation where a user suggested changing the Twitter logo to a doge. This change to the doge logo appeared on the site just two days after Musk requested the dismissal of a $258 billion racketeering lawsuit filed against him, accusing him of running a pyramid scheme to support dogecoin.

Lawyers representing Musk and Tesla have referred to the lawsuit by dogecoin investors as a “fanciful work of fiction” and have defended Musk’s tweets as innocent and often silly. Musk is known for using Twitter to both engage with his fans and troll his critics.

It remains to be seen whether the logo change is permanent, as Musk’s actions on Twitter are often unpredictable. However, this change has coincided with a significant increase in the price of dogecoin, which is currently up over 20% in the past 24 hours.

Dogecoin was originally created as a joke by two software engineers on December 6, 2013. Its name is a reference to the “doge” meme that gained popularity a decade ago. The Shiba Inu mascot of dogecoin reflects this meme, featuring a dog surrounded by Comic Sans text in broken English.

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