On Monday, the value of the niche cryptocurrency dogecoin surged by over 30% following Twitter CEO Elon Musk’s move to replace the social media platform’s blue bird logo with the digital coin’s shiba inu emblem (Doge).
Last Friday, attorneys representing Twitter and Musk sought to have a $258 billion lawsuit from 2022 dismissed, which had accused the billionaire of inflating dogecoin’s price and causing it to rise by over 36,000%.
Musk subsequently shared a meme about the logo change with his 133.5 million Twitter followers. It should be noted that the shiba inu logo only appeared for certain Twitter users, including those accessing the platform via its website.
— Elon Musk (@elonmusk) April 3, 2023
Years ago, Musk began promoting dogecoin and continues to tweet about the token periodically, which has resulted in predictable market volatility. Despite being created as a joke in 2013, dogecoin currently holds a market cap of over $13 billion and is ranked as the eighth-most valuable cryptocurrency according to CoinMarketCap.com.
Musk’s legal team described his public statements about the coin as “innocuous and often silly tweets” in a court filing on Friday. However, Musk’s public support for dogecoin extends beyond his social media messages, as two of his other companies, Tesla and the Boring Company, are named in the lawsuit.