Dogecoin Jumps Over 20% Thanks To Twitter-Fueled Rally

The familiar Twitter mascot seems to have been replaced for the time being, with the Dogecoin logo taking its place. 

There has yet to be an announcement from Twitter or Elon Musk regarding the reason behind the change. 

Twitter-Fueled Rally 

Twitter surged by over 20% on Monday, 27% to be precise, after Twitter changed its blue bird logo was changed to the famed Shiba Inu dog on the microblogging platform. Users on the platform expressed surprise, with speculation rampant about the reason for the move. Some users speculated that the change could be the work of hackers who had infiltrated the platform, while another stated, 

“Between the #Moana live action news and the doge logo taking over Twitter, today just turned into pure chaos.”

Another user took a dig on Twitter, speculating that it was an April Fools prank that took too long to implement, thanks to the current state of Twitter. 

“Doge, for some reason, is showing up on Twitter, and I can only assume this was supposed to be an April Fools joke that took 3 days to roll out because no one knows how the site works anymore.”

Musk eventually broke his silence on the issue and posted an old tweet that contained some context about changing the logo. He also sent out a tweet showing the image of the Shiba Inu pulled over by a police officer inspecting a wallet with the Twitter logo, stating, “That’s an old picture.” 

Curious Timing 

While some insiders speculated that Elon Musk may now be trying to acquire Dogecoin, there is another theory. The change may be Elon Musk’s way of getting back at plaintiffs who have filed a lawsuit against Dogecoin and named Musk one of the defendants. Last week, the legal team representing Elon Musk asked a federal judge presiding over the case to throw out the $258 billion lawsuit calling it a “fanciful work of fiction.” The charges stated in the lawsuit primarily revolve around racketeering. 

Details Of The Lawsuit 

The $258 billion lawsuit accuses Musk of running a pyramid scheme to support the popular Dogecoin cryptocurrency. The team dismissed the lawsuit, stating it was filed over innocuous and silly tweets made by Musk. The lawyers further added that Musk never intended to defraud anyone with his statements or conceal any risks. They further added that his statements made on Twitter were too vague for him to be accused of fraud. The lawyers argued, 

“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion. This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”

Meanwhile, the opposing party accused Musk of manipulating the price of Dogecoin. They argued that Musk had driven up the price of the cryptocurrency by 36.000% in 2 years and then let it crash. This, they argued, generated billions of dollars of profit for some, at the expense of a majority of Dogecoin investors. Dogecoin’s Monday rally of 27% helped the cryptocurrency reach its highest levels in over four months.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.