Dogecoin got a big bump on Monday when Twitter replaced its familiar logo with the cryptocurrency’s emblem of a shiba inu dog’s head and torso.
The move made waves on Twitter itself, with surprised users sending out tweets expressing their amazement. Some of them speculated that hackers had infiltrated the platform to work mischief.
Another influencer tweeted, “Between the #Moana live action news and the doge logo taking over Twitter, today just turned into pure chaos.”
At 2:50 p.m., Musk himself sent out a tweet. It features an image of the dog in a pulled-over car telling a police officer inspecting a wallet with the iconic Twitter logo, “That’s an old photo.”
Some insiders took the change as a sign Elon Musk may be planning to acquire Dogecoin. It might also have been Musk’s way of thumbing his nose at the plaintiffs in a lawsuit targeting Dogecoin and naming Musk as a defendant. The timing of the logo change seems curious. At the end of last week, Musk’s lawyers asked a federal judge in New York to throw out the $258 million lawsuit, which revolved around charges of racketeering.
Calling the lawsuit “a fanciful work of fiction,” Musk’s lawyers sought to have it dismissed.
“There is nothing unlawful about tweeting words of support for, or funny pictures of, a legitimate cryptocurrency that continues to hold a market cap of $10 billion,” the lawyers stated.
The investors suing Musk accuse him of carrying out a pump-and-dump scheme. They argue that he knew the currency had no intrinsic value but drove its value up with tweets.
Since its release in 2013, Dogecoin has battled rumors about its lack of legitimacy. Some consider the currency to have started out as a joke. The $1.21 trillion crypto market still suffers frequent public attacks from the Securities and Exchange Commission (SEC) and state attorneys general.
This is a developing story.
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