The logo change had demonstrated the power of Twitter owner Musk. And let the share price of the cryptocurrency Dogecoin – to which the dog actually belongs – skyrocket at times.
Twitter has its usual logo back: since Friday, the blue bird has been visible in the profiles again, which was replaced by the symbol of the digital currency Dogecoin for several days. The swap demonstrated how Twitter owner Elon Musk can make any changes to the platform.
The tech billionaire referred to a tweet from a user who suggested a year ago that instead of founding his own online service, Musk should simply buy Twitter – and replace the logo with the Dogecoin symbol. He bought Twitter in October 2022 for around $44 billion.
The cryptocurrency with the image of a dog as its logo is controversial. It was originally intended as a joke, but Musk, among others, had made it better known with frequent tweets. After a brief rise in price, the crash followed.
Dogecoin price jumps up by around a third at times
An investor then sued Musk, alleging he was part of an illegal Ponzi scheme in which the price of Dogecoin was boosted and then crashed. Musk’s lawyers filed a motion to dismiss the lawsuit last week, reiterating that the cryptocurrency is a legitimate investment with a total value of around $10 billion.
After the logo exchange on Twitter, the Dogecoin course temporarily jumped by around a third. Even after that, however, a unit of the digital currency only cost around ten US cents. At its peak in spring 2021, it was over 60 cents for a short time. On Friday, the price fell back to the eight cent mark.
Source: Stern
