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Elon Musk Promoting Dogecoin Through Twitter?

On Monday, April 3rd, 2023 (US time), Twitter users noticed that the Twitter logo had disappeared while loading the screen and Home Page. In its place was a brown Shiba Inu dog. 

The dog is a Japanese breed that became famous after memes were generated about it and used as a logo for Dogecoin. So what is Dogecoin, you ask? Dogecoin (DOGE) is a decentralized, peer-to-peer cryptocurrency created in 2013 by programmer Billy Markus and marketer Jackson Palmer. It was designed to be a fun and lighthearted cryptocurrency that could be an alternative to Bitcoin and other more serious digital currencies.

Over the years, Dogecoin has gained popularity thanks to its low transaction fees, fast processing times, and active and passionate community of supporters. High-profile individuals, including Twitter CEO Elon Musk, have also embraced it. Aha! So there we have it, a connection between the two.

In pure Musk fashion, he announced this change on Twitter via a meme. To which the Dogecoin account replied, 鈥淰ery currency, Wow, Much Coin, How Money, So Crypto.鈥�

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Besides the meme, Musk has yet to explain the change or even how long it will last. However, users have identified a string of tweets between Musk and a user.

Musk had asked if there was a need for a new platform (like Twitter), and the user suggested Musk should buy Twitter and change its logo to the Doge meme. After this suggestion, Elon replied, “Haha, that would be sick.”

This logo change also comes a few days after Musk petitioned a US court to dismiss a $258 billion lawsuit against him by Dogecoin investors. According to Reuters, the investors accuse Musk of promoting Dogecoin despite knowing it had no value since he would benefit from its trading. 

The complaint stated, 鈥淢usk used his pedestal as the world鈥檚 richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement.鈥� Musk’s lawyers, however, have labeled the lawsuit a 鈥渇anciful work of fiction鈥� over Musk鈥檚 鈥渋nnocuous and often silly tweets鈥� about Dogecoin.

Speaking of these ‘silly tweets,’ Musk has repeatedly manipulated the value of Dogecoin by merely tweeting about them. This logo change might be the latest of these tricks, proving to be just as effective, if not more. 

Many are labeling it a late April fool’s gag, but according to The Guardian, the price of Dogecoin increased from US$0.079 to US$0.094. This the most valuable it’s been since November of last year.