Twitter boss Elon Musk suddenly changed the famous Twitter logo in the shape of a blue bird to the image of internet meme dog Doge on Monday evening. That is also the logo of cryptocurrency Dogecoin, of which Musk is such a fan.
Almost immediately after Twitter users realized that the logo had changed, the price of Dogecoin rose. According to financial news agency Bloomberg the value of the company had already risen by 30 percent an hour after the logo change. The logo has only changed on the website from Twitter. In the app, people simply see the Twitter bird.
Musk confirms that he was the one who came up with the Shiba Inu dog as its logo. “As promised,” he tweeted Monday evening. Below, he shares a screenshot of a conversation on Twitter from a year ago, in which a tweeter asks Musk to change the platform’s logo to a picture of Doge.
The timing of Musk swapping the bird for the dog doesn’t seem coincidental. Crypto investors sued him last week for 258 billion dollars (converted to 237 billion euros) because he would have deliberately inflated the price of Dogecoin.
For example, Musk used Twitter to show his appreciation for Dogecoin. He did the same during an appearance on the American satirical TV show Saturday Night Live. He also came into the picture during the last Super Bowl in America with a T-shirt with the meme dog on it.
Cryptocurrency prices usually react strongly to statements, tweets or TV appearances by Musk. However, it is difficult to accuse him of market manipulation, because there are no rules in the crypto market. According to Musk’s lawyers, there is nothing illegal about the Twitter CEO’s and Tesla’s endorsement of the cryptocurrency.
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