Elon Musk’s Twitter profile change to Shiba Inu boosts Dogecoin Price

Twitter recently made a surprising change to its traditional bird icon, opting to replace it with an image of a Shiba Inu dog. This move is seen as a playful reference to dogecoin, a humorous cryptocurrency that is currently the subject of a lawsuit involving CEO Elon Musk. Musk himself acknowledged the alteration on Monday by tweeting a screenshot of a year-old conversation suggesting the bird logo be replaced with a doge, along with the caption “as promised”.

This change comes shortly after Musk requested the dismissal of a $258 billion racketeering lawsuit that accused him of operating a pyramid scheme to promote dogecoin. Lawyers representing Musk and Tesla have dismissed the lawsuit from dogecoin investors as a “fanciful work of fiction” based on Musk’s harmless and sometimes whimsical tweets.

It remains to be seen whether this updated logo will be a permanent fixture on the Twitter platform, as Musk is known for using the social media platform to playfully engage with both his supporters and detractors. Meanwhile, the value of dogecoin has experienced a more than 20% increase in the past day, reaching approximately 9 cents, after trading just below 8 cents earlier.

Dogecoin, initially created on December 6, 2013, by a pair of software engineers as a joke, has garnered attention due to its association with the “doge” meme that gained popularity a decade ago. The cryptocurrency’s Shiba Inu mascot pays homage to this meme, featuring a dog surrounded by Comic Sans text written in broken English.

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