In an unexpected turn of events, Elon Musk, the well-known and often controversial CEO of Tesla and SpaceX, took the social media world by storm when he replaced Twitter’s iconic blue bird logo with the image of a Shiba Inu dog (Dogecoin logo), the hallmark symbol of the internet-famous cryptocurrency, Dogecoin. This surprising move not only captured the attention of the global online community but also had a significant impact on the digital currency market. In the wake of the logo change, Dogecoin’s value skyrocketed, experiencing a remarkable 30% increase within just half an hour, further solidifying its position among the top cryptocurrencies and raising questions about the potential long-term effects of Musk’s influence on the market.
Dogecoin’s Impressive Growth
Following the logo swap, Dogecoin’s value soared from $0.077 to $0.10, making it the eighth most valuable cryptocurrency, according to data from Coingecko. With a staggering market cap exceeding $13 billion, Doge has cemented its place among the top digital currencies, even though it was initially created as a joke.
Elon Musk’s Long-standing Relationship with Dogecoin
Elon Musk has been teasing and joking about Dogecoin for years, often sparking significant price movements with his tweets. He is known for starting the #DogeToTheMoon hashtag on Twitter, which recently gained traction once again after his latest escapade. However, this recent move has left many wondering about the wisdom behind his decision.
The Controversial Logo Change Amid Legal Troubles
The logo change comes just days after lawyers representing Twitter and Musk requested a federal judge to dismiss a $258 billion lawsuit from 2022, which accused the billionaire of manipulating Doge’s price and causing it to skyrocket over 36,000 percent. Musk confirmed his decision to change the logo in his signature fashion – by tweeting a meme about it and taking a jab at the U.S. SEC.
Additionally, Musk tweeted a screenshot of an old chat with the caption, “As promised.”
Tesla’s Involvement with Dogecoin
In December 2021, Tesla announced that it would begin accepting Dogecoin as payment for select merchandise. At the time, Musk tweeted about the decision, saying that Tesla would “see how it goes.” Following his tweet, Dogecoin’s value increased by more than 20%. In January 2022, when Musk announced via Twitter that Doge payments were live, the cryptocurrency experienced another boost, surging as much as 15%.
As the relationship between Elon Musk, Doge, and Tesla continues to evolve, it remains to be seen how this unique dynamic will shape the future of the cryptocurrency market.