Twitter CEO, Elon Musk, abruptly changed the Twitter logo to the Dogecoin dog, Kabosu, raising eyebrows. The logo change was made amid the ongoing lawsuit filed by the Doge community, accusing Musk of creating a pump and dump in DOGE price. Musk asked the U.S. judge to dismiss the $258 billion lawsuit filed against him, accusing him of running a pyramid scheme for Dogecoin.
Musk’s Lawyers vs. Doge Community
Defending lawyers fighting for Elon Musk claimed investors never elaborated how Twitter CEO intended to defraud anyone. The lawyers fought the case using “mens rea” meaning “guilty mind” and said his tweets were too vague to support a fraud claim. They also denied the investor’s claim of Dogecoin qualifying as a security. Amid these claims, one night, Twitter CEO changed the logo to Doge Dog.
Musk may have wished to target all Kabosu-themed digital memecoins, and try to gain sympathy, at last winning the lawsuit. The targeted communities of DOGE, Shiba Inu and Floki, saw a temporary rally in their price actions. This might have made the cryptocurrencies move, but it is tough to please the communities.
Hence Proved!
The Doge community, who filed the lawsuit accusing Musk of leaving the DOGE price to crash, after hyping it up for ages, was not impressed with this move. They may have taken this change as him mocking the community, and wishing to have the last laugh in the case. But in turn, the logo change proved investors’ claims of Musk controlling Dogecoin’s price at his whim.
The Doge logo made Dogecoin rally by 20%, passively proving the accusations. In addition to the DOGE price rise, other dog-themed memes coins surged. Floki marked a rise of more than 10% and Shiba Inu moved slightly up by 7%. Musk’s strategic move made all three communities rethink Musk’s power to influence token prices.
Other Suspects In the Case
Several other speculations are made regarding Musk hinting at a new plan for Twitter. With Musk changing the bluebird to Doge doge, he might be hinting at bringing the payments method to Twitter via Dogecoin. Although this might also be taken into account as a publicity stunt as the suspicions are shedding light on faded Twitter’s plan to be a payments platform.
Twitter’s plan to become a payment platform was set aside due to crunching macroeconomic factors, but this might be a signal of him reigniting the flame of turning Twitter into a financial platform. If the suspicion of Twitter bringing payments via Doge turns true, the community might redevelop faith in its biggest fan, yet again!
Conclusion
The Doge proponent is under the radar of all three communities. The ongoing lawsuit unfolds several aspects regarding Musk’s power to control the price of all DOGE, SHIB, and FLOKI. The lawsuit is still yet to decide the winning party, but the Twitter logo changes certainly caused a twirl in the dog-themed cryptocurrencies.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/04/05/elon-musk-teasing-doge-community-with-kabosu-meme-as-twitter-logo/