Shiba Inu Replaces Twitter Bird, Causing Spike in Dogecoin Value Due to Elon Musk’s Influence
Yesterday, the price of dogecoin cryptocurrency surged by over 30% after Elon Musk replaced Twitter’s bird symbol with a shiba inu dog, which is the face of the cryptocurrency. This comes after the attention was drawn towards Musk’s lawsuit, filed against him in 2022–in which his lawyers attempted to charge for throwing out a $258bn lawsuit that accused the entrepreneur of manipulating dogecoin’s price and driving it up by a whopping 36,000%. Musk has repeatedly tweeted about the cryptocurrency, and most of his comments about it have moved its price. Dogecoin is currently the eighth most valuable cryptocurrency with a market cap of around $13bn, according to CoinMarketCap.com. Also, the lawsuit names Twitter, Tesla, and the Boring Company. However, in court filings, Musk’s lawyers stated that his comments on dogecoin were “innocuous and often silly.” Elon Musk’s tweets have previously impacted dogecoin’s prices several times in the past, with prices increasing sharply after Musk tweeted about it. When Tesla announced that they would start accepting dogecoin for some merchandise, the price rose by 20%, and when Musk tweeted that dogecoin payments were live, its value increased by 15%.