Elon Musk-led Twitter has shifted its logo to the popular cryptocurrency Dogecoin's (DOGE) symbol.
Following
the move, Dogecoin increased by over 30% in value, replacing Cardano
(ADA) as the seventh largest cryptocurrency by market value on the
rank.
- With the logo change, Dogecoin surpassed the $0.10 level for the first time since December last year.
- The change can be viewed by the social media giant's roughly 360 million monthly active users across the platform.
- After
the shift, Elon Musk tweeted a meme in which the dog in the Dogecoin
symbol says, "That's an old photo" for the bird in the Twitter icon,
implying that the logo change came to stay.
- The logo change was first proposed to Elon Musk by a Twitter user, WSBChairman.
- The move came shortly after Elon Musk requested the dismissal of a $258B Dogecoin lawsuit that alleges that he conducted a Ponzi scheme to support the popular cryptocurrency.
- The Dogecoin lawsuit against Musk claims that the famous CEO deliberately caused Dogecoin's price to jump over 36,000% in two years before allowing it to plummet.
- Musk's
lawyers said the statements in his tweets were too vague to support
fraud, and supporting a legal cryptocurrency with a $10B market cap
through tweets or funny pictures is not unlawful.
- Musk
said he would continue supporting DOGE wherever possible last year,
though he was highly criticized in 2021 over his Twitter
posts that caused Dogecoin to increase in value many times.
