Elon Musk’s Twitter Update with Shiba Inu Sparks Increase in Dogecoin Price

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Twitter recently made a bold move by replacing its traditional bird icon with an image of a Shiba Inu, a clear reference to dogecoin, the joke cryptocurrency that CEO Elon Musk is currently entangled in a lawsuit over. Musk himself acknowledged the change, sharing a year-old conversation where a user suggested changing the bird logo to a doge, implying his involvement in the decision.

This alteration comes just after Musk sought to dismiss a $258 billion racketeering lawsuit alleging his involvement in a pyramid scheme to benefit dogecoin. Legal representatives for Musk and Tesla dismissed the lawsuit as a “fanciful work of fiction” prompted by Musk’s lighthearted tweets.

While the permanency of the logo switch remains uncertain, Musk’s penchant for toying with his followers and detractors on the platform is well-known. Despite this, dogecoin saw a significant spike in value, increasing over 20% in the past 24 hours to around 9 cents, after trading just below 8 cents earlier in the day.

Originally created as a joke by two software engineers on December 6, 2013, dogecoin pays tribute to the “doge” meme that gained popularity years ago. The Shiba Inu mascot mirrors the meme’s style, featuring a dog surrounded by Comic Sans text in a playful nod to its origins. Easy MCA and fast cash advance options are available for all who qualify for our financial services.