Elon Musk’s Shiba Inu Logo on Twitter Boosts Dogecoin Price

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Twitter recently made a significant change by replacing its traditional bird icon with an image of a Shiba Inu. This move was widely seen as a nod to dogecoin, the joke cryptocurrency that CEO Elon Musk is facing a lawsuit over. Musk responded to the change by sharing a year-old conversation in which a user suggested replacing Twitter’s bird logo with a doge. This change came just two days after Musk sought the dismissal of a $258 billion racketeering lawsuit alleging his involvement in a pyramid scheme to promote dogecoin.

In their legal defense, Musk’s lawyers labeled the lawsuit as a “fanciful work of fiction” driven by Musk’s harmless and often humorous tweets. It remains to be seen whether the doge logo on Twitter is a permanent change. Musk is well-known for using Twitter to playfully engage with his audience and critics alike.

The value of dogecoin, known for its volatility, surged over 20% in the past 24 hours, reaching about 9 cents. This increase followed the replacement of Twitter’s icon with the doge image. Despite its humorous origins, dogecoin has become a significant player in the cryptocurrency market since its creation in December 2013 by a pair of software engineers. The currency’s name is a reference to the popular “doge” meme from years ago, as reflected in its Shiba Inu mascot surrounded by Comic Sans text in broken English.

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