The iconic blue bird logo has served as a home button and official logo for twitter since 2012. But on April 3rd the billionaire and his love for the infamous Doge meme shocked netizens, when he changed Twitter’s logo to the Doge coin logo. There is no proper reasoning behind this change but it has been speculated that Elon Musk did so to divert attention from the lawsuit against him by Dogecoin investors.
The Lawsuit
An investor of the Dogecoin has sued Elon Musk the world’s second richest man, a lawsuit of $258 billion dollars. Accusers have alleged that Elon Musk intentionally inflated the value of Dogecoin by over 36,000% within a span of two years, followed by a significant drop in its value. Furthermore, they have accused Elon Musk of manipulating prices of the digital currency in his own favor.
Musk’s defence on this was that all his tweets and activities should not be considered seriously. Thus, this only makes sense that to prove his point he changed the twitter logo to the Doge meme.
Dogecoin skyrocketed
On a recent roller coaster ride for Dogecoin investors, the cryptocurrency’s value experienced a sharp increase after Elon Musk changed his Twitter logo to the Shibu Inu meme. Within moments of the Twitter bird logo being replaced, the price of Dogecoin surged up by 30%, providing investors with a significant boost in their returns.
However, the price of Dogecoin fell 9% soon after the social media platform dropped the Doge meme as a home button. This sudden drop in value highlights the impact of social media and the influence of celebrities like Elon Musk on the cryptocurrency market.
The recent developments with Dogecoin also raise questions about the credibility and sustainability of digital currencies. While some investors have made substantial returns on their investments, the volatile nature of the market has also led to significant losses for others.
Despite the uncertainty surrounding the future of Dogecoin and other cryptocurrencies, many investors remain optimistic about their potential as an alternative form of currency and investment. With the rise of blockchain technology and the increasing adoption of cryptocurrencies by mainstream companies, the market for digital currencies is expected to continue to grow in the coming years.
However, as with any investment, it is important for individuals to exercise caution and do their research before investing in digital currencies. Although celebrities like Elon Musk may exert a significant influence on the market, market demand and regulatory policies ultimately determine the value of cryptocurrencies.
Twitter set at blaze
Elon Musk tweeted “As promised” with an old tweet of a twitter using asking him to buy twitter and change its logo to doge.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
In another tweet Musk posted an image stating that the blue birdie is an “old photo” for twitter.
— Elon Musk (@elonmusk) April 3, 2023
One user commented ” promises made promises kept”
Promises made, promises kept.
— Jeremy Ryan Slate (@JeremyRyanSlate) April 3, 2023