Dogecoin currency surges 20% after Elon Musk changes Twitter logo

Dogecoin currency surges 20% after Elon Musk changes Twitter logo:- The value of the dogecoin cryptocurrency experienced a notable increase on Tuesday, as it surged from $0.08 (€0.07) to more than $0.10 (€0.09), representing a rise of over 20%. This sudden spike in price appears to have been triggered by a light-hearted gesture made by Elon Musk, the owner of Twitter.

On Monday, Musk playfully changed the logo of the popular social media platform from a bluebird to an image of a Shiba Inu dog, which is the iconic symbol associated with dogecoin.

The Shiba Inu dog breed not only serves as the logo of dogecoin but also holds significance in the history of cryptocurrency. Elon Musk, who owns Twitter along with other prominent companies such as Tesla and SpaceX, recently changed the social media platform’s logo from a bluebird to an image of a Shiba Inu dog, which further fueled the rise of dogecoin’s value.

Musk even tweeted an image of a Twitter conversation from March 26, 2022, where he responded positively to a suggestion to use a Shiba Inu image as the platform’s logo, indicating his affinity towards the meme-inspired cryptocurrency.

The origin of dogecoin can be traced back to memes involving Shiba Inu dogs that gained popularity in 2013 on forums like Reddit and 4chan.

These jokes often featured images of the dog breed accompanied by dialogue intentionally written in broken English, and the dog depicted in the meme came to be known as “doge.”

Despite launching as a joke, dogecoin remained relatively valueless for several years. However, in May 2021, its value surged to $0.73 after Musk hinted that Tesla may accept dogecoin as payment, leading to allegations of Musk engaging in “pump and dump” schemes to manipulate the cryptocurrency’s value for personal gain.

Musk, on the other hand, claims to support dogecoin and denies manipulating its value. However, he is currently facing a lawsuit of $258 billion from an investor who alleges substantial losses due to Musk’s activities related to dogecoin.

In October 2022, Musk acquired Twitter for $44 billion and has since made changes, including laying off thousands of employees and introducing premium accounts, in an effort to generate revenue.

He also reinstated several previously banned accounts, including that of former US President Donald Trump, after taking over the platform.

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