Dogecoin logo replaces Twitter blue bird, leading to 27% surge in DOGE price
On Monday, the Dogecoin logo, featuring the well-known Shiba Inu symbol, replaced Twitter’s familiar blue bird logo, sparking an 18.7% increase in the price of DOGE. The move was seen by some as a way for Elon Musk to distract from ongoing Twitter Blue controversy. Musk had previously asked a US judge to dismiss a $258bn lawsuit where investors alleged he was operating a pyramid scheme in his promotion of Dogecoin. Musk’s lawyers have argued that there is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10bn. The appearance of the Dogecoin logo drew mixed reactions from the crypto community, with some appreciating Musk’s sense of humour, whilst others voiced concern that the platform had been hacked. The most widely accepted reason behind the development was that it was a belated April Fool’s prank that was done at a later time to maximise its coverage. At the time of writing, the Dogecoin logo remains atop the Twitter homepage.