After Elon Musk is currently being criticized for an investor lawsuit over Dogecoin, the logo of the controversial cryptocurrency suddenly appears on Twitter. Twitter users were surprised on April 3, 2023 when they suddenly found a dog's head in their profiles instead of the usual blue bird - the symbol for Dogecoin.
Background: The lawsuit against Musk
Elon Musk, the owner of Twitter, has spoken publicly about Dogecoin several times in the past and influenced its price through his tweets. However, due to Dogecoin's recent price collapse, he has to defend himself against an investor lawsuit. The accusation is that he was part of an illegal pyramid scheme in which he artificially inflated the price of Dogecoin and then caused it to crash. However, its lawyers filed a motion to dismiss the lawsuit last week, emphasizing that the cryptocurrency is a legitimate investment asset and has a total value of about $10 billion.
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Logo change drives Dogecoin price up
After Dogecoin's logo was changed on Twitter, the price of the cryptocurrency temporarily rose by around 20 percent. Nevertheless, the price for a unit of the digital currency remained at only around 10 US cents. In spring 2021, the price was briefly over 60 cents before collapsing again.
In the long term, the logo change is not expected to have any impact on the value of Dogecoin. The value of cryptocurrencies depends primarily on their acceptance and utility, as well as the demand for them. The logo is only a visual element and has no direct impact on the actual characteristics of the cryptocurrency.
Dogecoin: From Parody to Popularity
Originally started as a joke and parody of Bitcoin, Dogecoin became one of the most discussed cryptocurrencies. Since its inception in 2013, the hype around Dogecoin has gone through many ups and downs, but today it is one of the top ten largest digital currencies.
The name Dogecoin is derived from the English word for dog, and the symbol of the digital currency is a Shiba Inu, an Asian breed of dog. This symbol was originally a meme that was widely shared on the Internet.
In January 2022, Elon Musk announced that his company Tesla would accept Dogecoin as payment for purchasing merchandise.
Source: T Online
Also read: Twitter Vulnerability: Secret Code Published on the Internet
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