Elon Musk’s Tweet Updates Twitter Logo to Shiba Inu Dog, Dogecoin Price Surges
Dogecoin, the popular cryptocurrency that started as a joke, has been making headlines lately, thanks to the frequent tweets by billionaire entrepreneur Elon Musk.
The latest news is that Musk has updated the traditional logo of the giant social media platform, Twitter, to a Shiba Inu dog, a move that has catapulted Dogecoin price above key levels.
This change comes two days after Elon Musk requested a US judge to dismiss a $258 billion lawsuit filed by investors alleging an existing pyramid scheme to promote Dogecoin.
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Elon Musk’s Tweet Updates Twitter Logo to Shiba Inu Dog
On April 1st, Elon Musk tweeted a meme featuring a new logo for Twitter, which replaced the traditional bird logo with a Shiba Inu dog.
The tweet quickly went viral, with many Twitter users speculating that Musk’s tweet was a hint that he was planning to buy Twitter. While Musk’s tweet was most likely just a joke, it had a significant impact on the price of Dogecoin.
Dogecoin Price Surges Above Key Levels
The day after Musk’s tweet, the price of Dogecoin surged above key levels, reaching a high of $0.0708. This represents a significant increase from its previous price of around $0.05.
The surge in price was attributed to the fact that the Shiba Inu dog is the mascot of Dogecoin, and many Dogecoin enthusiasts saw the new logo as a sign that Musk was endorsing Dogecoin.
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The Effect of Elon Musk’s Tweets on Dogecoin Price
This is not the first time that Elon Musk’s tweets have had a significant impact on the price of Dogecoin. In February 2021, Musk tweeted about Dogecoin, calling it the “people’s crypto” and “going to the moon very soon.”
This tweet caused the price of Dogecoin to surge by more than 50%. Since then, Musk has tweeted about Dogecoin multiple times, each time causing a surge in price.
Investors Alleging Pyramid Scheme to Promote Dogecoin
Despite the surge in price, Dogecoin has faced criticism from some investors who allege that it is a pyramid scheme. On March 30th, a group of investors filed a $258 billion lawsuit against Elon Musk, alleging that he used his massive social media following to promote Dogecoin, leading to significant losses for some investors. Musk has denied the allegations, and on April 2nd, he requested a US judge to dismiss the lawsuit.
The Future of Dogecoin
With the recent surge in price and the endorsement from Elon Musk, many people are wondering what the future holds for Dogecoin. While it is impossible to predict the future of any cryptocurrency with certainty, the recent surge in price is a sign that Dogecoin has gained mainstream acceptance.
Many investors and cryptocurrency enthusiasts believe that Dogecoin could become a major player in the cryptocurrency market in the future.
How to Buy and Invest in Dogecoin
If you are interested in investing in Dogecoin, there are several ways to do so. You can buy Dogecoin on a cryptocurrency exchange like Binance or Coinbase.
Before investing, it is important to do your research and understand the risks involved with investing in cryptocurrencies.