On Monday, there was a significant surge in the value of Dogecoin following a change made by Twitter. The platform replaced its usual emblem with the cryptocurrency’s symbol – a shiba inu dog’s head and torso.
This sudden shift triggered a stir on Twitter, as numerous users expressed their amazement through their tweets. Some even went as far as speculating that hackers had breached the platform to wreak havoc.
One of the influencers tweeted about how chaotic things were getting with all the news about a live action #Moana movie and the doge logo taking over the platform. I mean, it’s hard to keep up with everything happening on social media these days!
But then, at 2:50 p.m., Elon Musk himself jumped in on the action with a tweet of his own. He shared an image of a dog sitting in a car that had been pulled over by a police officer. In the picture, the dog is seen calmly explaining to the officer that the wallet with the iconic Twitter logo inside was just an old photo. Leave it to Elon to join in on the fun with some lighthearted humor!
There are some speculations among insiders that the recent change made to Twitter’s emblem by Elon Musk might indicate his interest in acquiring Dogecoin. Additionally, some people believe that it might have been Musk’s way of defying the plaintiffs targeting Dogecoin and have also named him a defendant in a lawsuit.
The timing of this emblem change seems peculiar since, towards the end of last week, Musk’s lawyers had filed a request with a federal judge in New York, urging them to dismiss the lawsuit, which amounted to $258 million, and involved allegations of racketeering.
Musk’s legal team has requested the dismissal of the lawsuit, stating that it is simply “a fanciful work of fiction.”
The lawyers further explained that there is nothing unlawful about showing support for a legitimate cryptocurrency that still holds a substantial market cap of $10 billion. They even mentioned that sharing amusing pictures of it is not against the law.
Musk is facing legal action from investors who allege that he conducted a pump-and-dump scheme. According to them, he was aware that the currency lacked intrinsic value, yet he utilized his tweets to drive its value up.
Ever since its launch in 2013, Dogecoin has been grappling with allegations of being illegitimate. Some individuals believe that it was initially created as a prank.
Despite its massive $1.21 trillion cryptocurrency market, the currency still faces regular criticism from the Securities and Exchange Commission (SEC) and state attorneys general.
Source: BeInCrypto