Cryptocurrency increases as Elon Musk changes Twitter logo to ‘meme dog’
Cryptocurrency’s price jumped on Tuesday after Elon Musk changed the bluebird logo of Twitter to a meme-inspired dog associated with the digital token.
This is despite the business mogul being sued over his previous promotion of the coin.
Elon Musk bought Twitter in October last year for $44 billion and has since slashed the workforce, introduced paid-for accounts and reinstated banned users including former president Donald Trump.
Meanwhile, Musk’s decision to change the logo to a Shibu Inu dog, whether permanent or another short-lived joke, caused the price of dogecoin to increase by more than 20 percent, from below $0.08 to more than $0.10.
Shiba Inu dog
The Shiba Inu dog became a popular meme in 2013 when posters on forums like Reddit and 4chan began using pictures of the Japanese dog breed alongside messages written in broken English.
The cryptocurrency was launched as a joke later that year and remained largely without value for years — like thousands of other coins.
However, in May 2021 its value briefly spiked to a record $0.73 after Musk suggested his auto firm Tesla could begin to accept it as payment.
The value quickly slumped and investors have accused Musk of manipulating the value of the token to make a quick profit, known as a “pump and dump”.
Musk has said he is committed to crypto and that he pumps but does not dump.
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