DOGE went up 25% after Twitter changed its logo to the Doge icon, a symbol of Dogecoin. Elon Musk “commented” on this change with another meme.
Twitter “updated” its logo, replacing the familiar bird with the symbol of the meme coin Dogecoin. This strongly affected the quotations of DOGE, its price jumped more than 25% in two hours, according to CoinGecko. However, that’s still 85% less than the ATH, which was $0.73 on May 8, 2021.
Twitter CEO Elon Musk didn’t officially comment on the update, but tweeted a meme on his account.
— Elon Musk (@elonmusk) April 3, 2023
A day earlier, word got out that Musk’s lawyers had asked the District Court for the Southern District of New York to dismiss a $258 billion lawsuit filed by Dogecoin investors. The billionaire is accused of running a financial pyramid scheme to support Dogecoin. Representatives for the businessman called the allegations a “fanciful work of fiction” and Musk’s tweets about Dogecoin “innocuous and often silly.”
“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,” Musk’s lawyers said.
Just over a year ago, a Twitter user suggested Musk buy the social network and change its logo to Doge, as he himself recalled on the occasion of the “update.” However, the community didn’t appreciate the billionaire’s humor, and the social network started flooding with warnings about his possible use of the Pump and Dump scheme.
After the acquisition of Twitter by Elon Musk, many users expected Dogecoin to be integrated into the social network in some way. But the project team started to develop a payment system based on Twitter Coins, which at the first stage will support only fiat.
