Twitter’s homepage underwent a significant transformation on Monday, as its iconic blue bird logo was replaced by a picture of Dogecoin’s cartoon Shiba Inu dog. The move, which came as a surprise to users, caused Dogecoin’s value to soar by as much as 30 per cent. As of 2.45 pm US time, the cryptocurrency had settled down but was still trading nearly 20 per cent higher at approximately 10 cents per token, marking its highest level since early February.
The change was acknowledged by Twitter CEO Elon Musk, who shared a cartoon depicting a “doge” interacting with a police officer. Musk, who is a major supporter of Dogecoin, has frequently touted his backing for the cryptocurrency on social media, even stating last June that he was still buying the meme token even as other cryptocurrencies fell in value. Tesla also began accepting Dogecoin as payment for some items available in its online store last year.
However, the sudden appearance of the Dogecoin logo on Twitter’s homepage led to some users raising questions about Musk’s intentions. Independent journalist Judd Legum tweeted that “Musk paid $44 billion [US] for Twitter and is now apparently using it as some sort of pump-and-dump scam for Dogecoin.” Musk’s lawyers dismissed the notion, stating 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 $10 billion.”
The timing of the change is also noteworthy, coming just days after Musk’s lawyers asked a judge to dismiss a $258 billion racketeering lawsuit accusing the billionaire of running a “pyramid scheme” to boost the digital currency’s value. Musk has also floated the possibility that Dogecoin will be integrated as a form of payment on Twitter at some point.
In conclusion, the replacement of Twitter’s logo with Dogecoin’s cartoon Shiba Inu dog caused the cryptocurrency’s value to surge, with Elon Musk, a major supporter of Dogecoin, acknowledging the change on social media. While some users raised concerns about Musk’s intentions, his lawyers dismissed the notion, stating that there is nothing illegal about supporting a legitimate cryptocurrency. The timing of the change is noteworthy, as it occurred just days after Musk faced a racketeering lawsuit and has previously suggested the integration of Dogecoin as a form of payment on Twitter.
