Elon Musk’s Twitter update boosts Dogecoin value

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Twitter, the popular social media platform, recently made waves by replacing its traditional bird icon with an image of a Shiba Inu, which many saw as a nod to the joke cryptocurrency, dogecoin. This change came shortly after CEO Elon Musk, who is known for his involvement with dogecoin, addressed a year-old conversation suggesting the bird logo be changed to a doge. The move sparked curiosity and speculation among users and enthusiasts.

The dogecoin logo’s sudden appearance on Twitter happened just two days after Musk sought the dismissal of a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to boost dogecoin. Musk’s legal team dismissed the lawsuit as a “fanciful work of fiction,” emphasizing that his tweets are often lighthearted and not intended to manipulate markets.

As with many of Musk’s actions, there’s an element of unpredictability surrounding the logo change on Twitter. While it remains to be seen whether the new doge logo is a permanent fixture, it has certainly generated buzz and added to the intrigue surrounding the cryptocurrency.

The price of dogecoin experienced a significant surge, rising over 20% in the past 24 hours to around 9 cents, compared to just under 8 cents on Monday morning. Despite its initial creation as a joke by two software engineers in 2013, dogecoin has gained popularity, with its Shiba Inu mascot paying homage to the iconic “doge” meme from a decade ago.

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