Dog head instead of blue bird
Replaced Twitter logo with Dogecoin icon
4/4/2023 12:53 AM
Twitter owner Elon Musk has repeatedly spoken positively about the controversial cryptocurrency Dogecoin via the short message service. While the tech billionaire has to defend himself against an investor lawsuit, the symbol of the digital currency suddenly appears in user accounts.
Twitter users suddenly found a dog’s head in their profiles instead of the usual logo with the blue bird. The online service switched to the image, which stands for the controversial digital currency Dogecoin, without any explanation.
The Dogecoin price, which has been in the basement for a long time, temporarily jumped by around a fifth after the logo change. Even after that, however, a unit of the digital currency only cost around ten US cents. At its peak in spring 2021, it was over 60 cents for a short time. Dogecoin has existed since 2013 and has the image of a dog of the Japanese breed Shiba Inu as its logo.
Twitter owner Elon Musk had made several positive comments about Dogecoin via the short message service and helped the Internet currency, which started as a parody of Bitcoin, to jump in price. In early May 2022, Dogecoin crashed after the Tesla boss called the motto a hoax in a skit on the comedy show Saturday Night Live.
That’s why Musk has to defend himself against an investor lawsuit. The accusation: Musk was part of an illegal pyramid scheme in which the Dogecoin price was first pushed up and then dropped. Musk’s lawyers filed a motion to dismiss the lawsuit just last week, reiterating that the cryptocurrency is a legitimate investment with a total value of around $10 billion.
In a letter filed by attorneys for Musk and Tesla in New York on Friday night, Dogecoin investors called the lawsuit a “fantastic work of poetry.” The plaintiffs did not explain how Musk intended to cheat or conceal risks with his “harmless and often silly tweets”. A lawyer for the investors said in an email that they were more confident than ever of winning the court case.