As Musk replaces the Twitter logo with a picture of a shiba inu, Dogecoin prices increase by more than 30%.
- With Twitter's switch to an image of a shiba inu dog as its new logo, the value of Dogecoin increased by almost 30%.
- Elon Musk, the CEO of Twitter, has long praised the coin.
- In a $258 billion racketeering complaint alleging Musk of pushing the cryptocurrency, Musk requested a judge's dismissal on Friday.
When Twitter CEO Elon Musk replaced the blue bird on his company's website with a picture of a shiba inu, which acts as the emblem for the specialized cryptocurrency dogecoin, the price of the digital coin rose by more than 30% on Monday.
A $258 billion lawsuit from 2022 accusing the billionaire of manipulating dogecoin's price and causing it to increase by over 36,000% was thrown out on Friday by Twitter and Elon Musk's legal team in a request to the court.
Musk tweeted a joke on the new Twitter logo, which features a shiba inu, to his 133.5 million Twitter followers. Just some Twitter users, including those using its website, saw the dog.
No answer was given when Twitter was contacted for comment.
Years ago, Musk started promoting dogecoin. He occasionally tweets about the 2013 joke-made token, which inevitably causes volatility each time. With a market worth of more than $13 billion, dogecoin is the eighth-most valuable cryptocurrency.
In a court document filed on Friday, Musk's attorneys called his public comments regarding the coin "innocent and frequently funny tweets."
More than just posts on social media, though, Musk has publicly endorsed the coin. The complaint names the Boring Company and Tesla, two other businesses owned by Musk.
Tesla stated in December 2021 that it will take dogecoin in exchange for select goods. Tesla would "see how it goes" at the time, Musk wrote on Twitter.
Following that tweet, Dogecoin increased by more than 20%. The cryptocurrency increased by much to 15% when Musk declared on Twitter that dogecoin payments were operational in January 2022.
Bitcoin and other digital assets are recorded in Tesla's records, and some products are still eligible for dogecoin payment.
On an earnings call the previous year, Musk stated, "We have not sold any of our dogecoins." We still possess it.
Musk has disclosed that he also directly owns dogecoin.
In a recent tweet, Musk simply typed "Dogecoin" in response to a picture of himself with News Corp. Chairman Rupert Murdoch.
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