Elon Musk has garnered attention once again with his most recent Twitter Logo project, a new logo that substitutes dogecoin for the bird.
On Monday, the recognisable Twitter bird emblem above the home button on the website version of the social network was abruptly replaced with the “doge” of the cryptocurrency Dogecoin.
According to reports, the Twitter mobile applications remained unchanged. The Dogecoin blockchain and cryptocurrency, which was developed in 2013 as a joke to parody existing cryptocurrencies like Bitcoin, are represented by the Shiba Inu doge.
Why is Dogecoin increasing right now?
Musk is a well-known superfan of the Doge joke and has promoted Dogecoin on Twitter and while hosting “Saturday Night Live” last year. Musk spent $44 billion to purchase Twitter last fall. After the change to Twitter’s web logo on Monday, the price of Dogecoin rose by more than 30%.
The price of cryptocurrencies was raised by events other than the introduction of the new Twitter logo. A few weeks ago, when Musk uploaded a picture of the dog and referred to him as the new CEO of Twitter, the value of Dogecoin likewise skyrocketed.
justification for the Dogecoin Twitter logo
The second-richest person on earth released a screenshot of a chat he had with a Twitter user to explain the reasoning for the Doge logo modification. The conversation with @WSBChairman took place in March 2022. “As promised,” he wrote as the photo’s caption.
The billionaire tweeted in March 2022, before to purchasing the social media site: “Failing to respect to free speech ideals significantly damages democracy given that Twitter functions as the de facto public town square. What ought to be done?
The Twitter user who made this suggestion recommended Musk purchase Twitter instead and alter the company’s emblem to a doge.
Musk had replied, “That would be sickkk, haha.
What follows was not meant to be humorous: In June 2022, a complaint alleging that Musk supported Dogecoin in a racketeering manner was submitted to the Southern District of New York’s US District Court. Reuters reported that Musk’s legal team filed a motion to dismiss the case on Friday, March 31.
In their case against Musk, the plaintiffs cited his hosting of “SNL,” in which he portrayed a fictional financial expert who, among other things, called Dogecoin a “hustle” and demanded astonishing $258 billion in damages.
According to the brief by Musk’s attorneys, the plaintiffs in the case have not shown how Musk’s remarks in support of Dogecoin misled anybody or outlined the dangers Musk is said to have withheld from investors.