Crypto prices jump after Elon Musk changes Twitter logo to Dogecoin mascot

[midian182]

What just happened? Elon Musk doesn't tweet about crypto as much as he did before taking over Twitter, but the CEO just gave his favorite digital token, Dogecoin, a price bump by changing the platform's famous blue bird logo to the crypto's Shiba inu dog mascot.

On Monday, Twitter users found that the familiar blue bird icon usually found in the sidebar (and elsewhere) had been changed to an image of the dog associated with Dogecoin. It's still there now, so it looks like Musk is making a long-term commitment to this one.

As promised pic.twitter.com/Jc1TnAqxAV

— Elon Musk (@elonmusk) April 3, 2023

Musk tweeted that he changed the icon to fulfill a "promise" made to another Twitter user before he bought the company. They suggested he buy Twitter and change the bird logo to a doge, both of which he has now done. Being Musk, he also tweeted a meme about the change.

pic.twitter.com/wmN5WxUhfQ

— Elon Musk (@elonmusk) April 3, 2023

The timing of the move could be related to the $258 billion lawsuit filed against Musk, Tesla, and SpaceX over allegations they ran a pyramid scheme promoting Dogecoin to push up its price, only to then let it crash. A few days ago, Musk petitioned a court to dismiss the suit.

"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading," the complaint said. "Musk used his pedestal as World's Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement."

Soon after the lawsuit was filed, Musk assured people that he would continue to support and buy Dogecoin, which, gave the coin's price another short-term boost.

By changing Twitter's logo, Musk has once again pushed up the price of Dogecoin, which has jumped almost 30%. Other cryptos, including Bitcoin, have also experienced slight increases since Monday.

Musk previously sent Doge skyrocketing in December 2020 with his "One Word: Doge" tweet. The CEO pushed the price even higher in April 2021 when he called himself The Dogefather, making Dogecoin the fourth largest crypto by market cap. Not all of Musk's words have been positive, though; he said Doge was a "hustle" on his Saturday Night Live appearance, and he once slammed its co-creator for calling the billionaire a "grifter."

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https://www.techspot.com/news/98199-crypto-prices-jump-after-elon-musk-changes-twitter.html

 

[NintPlayBox]

And prices will fall again when he eventually removes it.

 

[wiyosaya]

IMO, the title of this article might as well read "Musk Passes Gas; Crypto Prices Jump".

 

[Kashim]

Crypto is still a thing? I don't know which saying describes my feelings about crypto better; "There's a sucker born every minute" or "A fool and his money are soon parted."

 

[Kashim]

And prices will fall again when he eventually removes it.

Even if he never removes it, prices will still fall. Crypto is nothing more than a pump and dump scheme at this point. The only reason it hasn't completely collapsed yet is because too many rich, greedy a-holes like Musk have money tied up in it so they're keeping it on life support until they can cash out with minimal losses. It's just going to be a roller coaster ride up and down with a lower bottom each time as more and more rats leave the sinking ship.

 

[OortCloud]

Just highlights how completely ludicrous the Crypto world is that the price of a joke (even by Crypto standards) currency fluctuates around wildly based on images being uploaded by a attention-seeking *****.

 

[Uncle Al]

He better be careful. If he suddenly buys a bunch of stock or just did the SEC will jump on him again for stock manipulation. He did this once before and it cost him dearly ....

 

[Arbie]

Molly White's blog "Web3 Is Going Great" follows the continual crypto disasters, often with quite a bit of research. Apparently, some investors still haven't been robbed.

 

[Nobina]

Ignore all the shyte policies and everything, look at this funny dog!

 

[Hodor]

Why does this situation remind me of that Britney Spears song?

Oooops, I did it again...