Elon Musk’s Shiba Inu Tweet Boosts Dogecoin Price

Twitter recently made a surprising change by replacing its traditional bird icon with an image of a Shiba Inu, a move believed to be a nod to dogecoin, the joke cryptocurrency. This change came shortly after CEO Elon Musk faced a lawsuit related to dogecoin.

Musk himself acknowledged the switch in an afternoon tweet, captioning it with “as promised” and sharing a year-old conversation where a user suggested changing Twitter’s bird logo to a doge. The alteration happened just two days after Musk requested the dismissal of a $258 billion racketeering lawsuit alleging his involvement in a pyramid scheme linked to dogecoin.

In response to the lawsuit, lawyers representing Musk and Tesla dismissed it as a “fanciful work of fiction” spurred by Musk’s harmless and sometimes whimsical tweets. It remains uncertain whether the logo change is enduring, considering Musk’s penchant for using Twitter to both engage his followers and tease detractors.

The value of dogecoin, known for its erratic fluctuations, surged by over 20% in the last 24 hours, hovering around 9 cents, slightly below 8 cents on Monday morning. Dogecoin was initially conceived on December 6, 2013, by two software engineers as a light-hearted jest. The name itself pays homage to the “doge” meme that gained popularity a decade ago, with its Shiba Inu mascot echoing the meme’s style of a dog encircled by Comic Sans dialogues in imperfect English.

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