The price of cryptocurrency Dogecoin spiked more than 30% on Monday after Twitter CEO Elon Musk replaced the well-known blue bird on his platform’s website with an image of a shiba inu, the digital coin’s logo.
– A key point to note
The new image of Kabosu, the Shiba Inu dog who inspired the popular Doge meme and subsequently the Dogecoin cryptocurrency, now appears on Twitter’s homepage and loading screen.
The announcement was made on Monday by Musk himself on Twitter, where he posted a screenshot of a previous conversation in which another user suggested replacing the bird with a dog, and Musk had responded by saying that it would be “sick”.
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The introduction of the new logo has coincided with Musk’s legal issues surrounding Dogecoin. The Twitter CEO is currently facing a $258 billion racketeering lawsuit that accuses him of operating a pyramid scheme to promote the cryptocurrency.
On Friday, attorneys for Twitter and Musk asked a federal judge to dismiss out the lawsuit from 2022 that accused the billionaire of manipulating dogecoin’s price and driving it up over 36,000%.
Lawyers for Musk and Tesla have called the suit a “fanciful work of fiction” and dismissed the claims as baseless.
Dogecoin’s value has skyrocketed since Musk began tweeting about it earlier this year. The cryptocurrency rose more than 30% in the past 24 hours, to about 9 cents. However, it is still lower than its peak price in May 2021.
Twitter has also announced that it will be removing blue verification checkmarks from legacy accounts.
While the move has been welcomed by some, it has also caused controversy, with many questioning the platform’s verification process and suggesting that it needs to be updated to better reflect its users.
It is not clear whether the logo change is permanent.
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