Dogecoin, a popular cryptocurrency, saw its value drop by nearly 9% on Thursday when Twitter restored its blue bird logo, replacing the temporary logo featuring the Shiba Inu face, which is the logo of Dogecoin. This change in Twitter’s logo had led to a 30% increase in Dogecoin’s value. The restoration of Twitter’s original logo indicates a return to normalcy for the cryptocurrency. This event occurred just days after Tesla CEO Elon Musk filed for the dismissal of a $258 billion lawsuit that accused him of manipulating Dogecoin’s price by over 36,000%.
Dogecoin was created as a joke in 2013 but has since become one of the most valuable cryptocurrencies in the world. It belongs to the category of meme coins that depict popular animated memes. Musk has been promoting Dogecoin for several years and Tesla announced in 2021 that it would accept Dogecoins for some merchandise.
The reason behind Musk’s decision to replace Twitter’s logo with Dogecoin’s is unclear. However, it is speculated that he may have been trying to divert attention from the lawsuit filed against him by Dogecoin investors. Musk’s lawyers dismissed the case as a ‘fanciful work of fiction’ over the Twitter owner’s ‘innocuous and often silly tweets.’ Altering Twitter’s logo to Dogecoin may have been a way to demonstrate to the court that Musk’s tweets about Dogecoin are not meant to be taken seriously and are merely comical.
In conclusion, the drop in Dogecoin’s value after Twitter’s logo restoration indicates the volatile nature of cryptocurrencies. Elon Musk’s role in promoting Dogecoin and his recent lawsuit has added to the currency’s unpredictability. However, it remains to be seen whether Dogecoin will continue to gain popularity or become a passing trend.
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