Elon Musk, the new owner of Twitter, has once again stirred up controversy by replacing the platform’s historic blue bird logo with that of Dogecoin. While the billionaire is currently embroiled in a legal battle with investors over his promotion of the cryptocurrency, he seems to have taken this opportunity to provoke them further.
A Dogecoin Makeover on Twitter
On Monday, Twitter users were taken aback when they logged onto the platform and found that the iconic blue bird was no longer the emblem of the site. Instead, the image of a Shiba Inu dog, which is the symbol of the popular cryptocurrency Dogecoin, had replaced it. Musk, known for his antics on social media, claimed responsibility for the change and even posted a tongue-in-cheek image of the dog undergoing a police check, with the blue bird on his ID.
This move appears to be yet another joke and provocation from Musk, as he is currently facing a lawsuit from investors who believe that his promotion of Dogecoin caused them to suffer financial harm. Nevertheless, this move seems to have had a positive impact on Dogecoin’s value. The cryptocurrency’s price rose by 20% in just 24 hours, from $0.07 to $0.09 per unit, according to CoinMarketCap.
Musk paid $44 billion for Twitter and is now apparently using it as some sort of pump-and-dump scam for Dogecoin pic.twitter.com/qqroVRGeCy
— Judd Legum (@JuddLegum) April 3, 2023
Musk Faces Accusations of Fraud
In June, a class-action lawsuit was filed against Elon Musk by several individuals who had invested in Dogecoin, accusing him of orchestrating a pyramid scheme to increase the value of the cryptocurrency. The plaintiffs are seeking $258 million in fraud compensation from the billionaire. However, Musk’s lawyers have firmly denied these allegations, calling them a “work of fantasy fiction” based on his harmless tweets.
Dogecoin: A Joke Turned Serious
Dogecoin was created in 2013 as a satirical response to the rise of cryptocurrencies and internet memes. However, its value skyrocketed in early 2021, thanks in part to Musk’s tweets praising the currency. By May 2021, the cryptocurrency had surpassed 70 cents (in dollars) before declining after Musk called it a “scam” during a satirical show.
Keith Johnson, one of the plaintiffs in the case against Musk, believes that the billionaire artificially inflated the price and trading volumes of Dogecoin through his endorsement. However, Musk’s lawyers maintain that there is nothing illegal about tweeting in support of a legitimate cryptocurrency that has a market capitalization of almost $10 billion.
Elon Musk’s decision to replace Twitter’s logo with that of Dogecoin is yet another playful move from the billionaire that has raised eyebrows. However, with the ongoing legal battle between Musk and investors, it remains to be seen whether this move will further damage the relationship between the two parties. Meanwhile, Dogecoin’s value continues to fluctuate, with its future prospects uncertain.
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Patrick Bannett is a profound writer and content producer embarking on his digital journalism journey with Global Web Wire. He is knowledgeable on various daily life topics, including politics, personal finance, travel, lifestyle, and relationships. Apart from writing, Patrick is also an accomplished communicator and networker. He always seeks new opportunities to collaborate with like-minded individuals and businesses. Bannett enjoys hiking, practicing yoga, and exploring new cultures when he is not writing. Bannett holds a Ph.D. in English and Communications and continues expanding his knowledge through ongoing education and research.
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