From bird to dog. And not just any dog, but the Shiba Inu, symbol of Dogecoin cryptocurrency with which there is already a multi-billion dollar legal record. Elon Musk he realizes another invention of his own and the repercussions on the markets are not long in coming. The number one of Tesla, Twitter and Space X has surpassed himself this time, replacing the famous blue bird, always logo of the social network, with the "Doge”, the Shiba Inu dog symbol of the Dogecoin cryptocurrency.
Musk changes Twitter logo: from the bird to the Doge
The change only affects the web version, while the app has remained as it was. Since Monday evening, by opening Twitter from their computer, users of the popular social network will find the Doge on the screen and no longer the famous bird.
At first, everyone thought it was a mistake, but then Musk himself intervened on the matter, who confirmed the change on his profile by tweeting "as promised” above the image of a conversation from a year ago, in which another user suggested to the entrepreneur to “buy Twitter” and “change the logo to a doge”.
The billionaire has also published a meme depicting the Doge at the wheel of a car who, stopped by a policeman who is verifying his identity, explains that "it's an old photo" to the officer who looks at the bird on the document.
Needless to say, the word "Doge" immediately entered the trend on Twitter, as well as that Shiba Inu.
The value of the Dogecoin flies by 30%
But the people of Twitter were not the only ones to react. As per tradition, this gimmick immediately had its effects on the market, making soar the value of the Dogecoin. The market share of the so-called "memecurrency" increased by 2,5 billion in just a few hours, going from 7,7 to 10,2 euro cents, equal to + 30%. The cryptocurrency is currently up 28,69% to 0,092557 cents.
Musk and the Dogecoin lawsuit
Musk has always been a major supporter of Dogecoin. “The funniest result – he once said – would be to see Dogecoin become the global currency of the future". Over the years, the billionaire has shared many memes concerning cryptocurrency which, each time, has reacted by increasing its market value and has even allowed its customers to buy Tesla cars by paying in Dogecoin.
Precisely these past, are at the center of a legal dispute worth 258 billion of dollars. Some investors of SpaceX and above all of Tesla, have in fact sued him accusing him of being “engaged in one cryptopyramid scheme through the Dogecoin cryptocurrency”. According to them, in fact, the entrepreneur would have used his online influence, already very strong before the purchase of Twitter, to inflate the value of the digital currency. Musk reportedly drove Dogecoin's price up more than 36.000% in two years and then let it crash.
Precisely for this reason, some US journalists are hypothesizing that behind the latest move of Twitter's number one there is a "position" relating to the case, that his lawyers are trying to dismiss.
"There is not nothing illegal about tweeting words of support or humorous images about a legit cryptocurrency that continues to have a market cap of nearly $10 billion,” Musk's lawyers said. Meanwhile, according to data from Google Trends, searches for the term “dogecoin” have increased by 1.992% since the dog logo appeared on Twitter.
