Although the Twitter logo is already back, Dogecoin’s value is still hovering near recent highs. Another joke by Elon Musk has moved the crypto market and sent Dogecoin rallying. For your reference, in early April, the billionaire, who now owns the social network, replaced Twitter’s blue bird logo in the web interface with an image of Shiba Inu. Clearly, this was a reference to Musk’s favorite “dog meme” cryptocurrency, Dogecoin. Even before acquiring Twitter, Musk has repeatedly tweeted about Doge, showing its full support for the crypto project. What is more, he has a dog of the same breed named Floki. Apparently, this joke was made in response to a year-old promise. Back then, one of Musk’s followers responded to his tweet by saying “just buy Twitter and change the bird logo to a Doge.” Immediately after changing the logo, Musk tweeted a screenshot of that particular conversation, stating, “As promised.” In less than a day, the price of Dogecoin soared by 25% and approached 10 cents per token. Before the spike, the coin was trading below 8 cents. However, not everyone is happy about such price swings. Some investors accused Elon Musk of intentionally inflating the price of Dogecoin. Recently, the entrepreneur has faced a $258 billion lawsuit accusing him of creating a pyramid scheme to support Dogecoin. Lawyers for the tech billionaire said the lawsuit was a “fanciful work of fiction” based on “innocuous and often silly tweets” about the cryptocurrency.
