Unexplained Twitter Logo Change by Elon Musk Skyrockets Dogecoin Value by 30%

Musk's and Dogecoin history dates back to 2019, he is also facing a lawsuit related to this cryptocurrecy

Elon Musk

Twitter experienced a sudden and big change Monday night. Its new owner Elon Musk decided and replace its logo of a bluebird with a Shiba Inu dog image. Soon after this, Twitter was flooded with hashtag #Doge, and a whole storm of meme fest started afterward on the social media platform. The big chunk of profit from this sudden change went in an unexpected direction. Popular crypto Dogecoin's value zoomed by 30 percent.

People who have some knowledge about cryptocurrencies know that Dogecoin is a cryptocurrency represented by a Dog's image. This popular cryptocurrency was introduced in 2013 by Billy Markus after inspiring by a meme on the Shiba Inu breed dog. Musk is already facing a lawsuit related to Dogecoin in a US Court that accuses him of running a pyramid scheme to support Dogecoin. On April 1 the famous billionaire asked the Judge to throw out this lawsuit.

Before Elon Musk's decision, Dogecoin was trading at the value of 7.7 cents, which shot up to 10.5 cents in the evening after Elon replaced the Bluebird logo with Shiba Inu in the web browser version of Twitter in the evening. Interestingly there is no change in the logo image in the app version so far. Musk's affection for Dogecoin is dated back to 2019 when he first time noticed this cryptocurrency and tweeted " Dogecoin might be my favorite Cryptocurrency'. After this, whenever he tweets about Dogecoin, its value shoots up considerably.

Related topics : Elon musk