The connection between Dogecoin (DOGE) and Elon Musk is still more current than ever. The meme cryptocurrency rebounds more than 5% in the last 24 hours after the CEO of Twitter announces the change of image of the social network and has affirmed his intention to make another social network that allows payments.
The social network website now displays the new company logo: a white X on a black background. The change is not yet made in the mobile app. In the early hours of Sunday, Musk announced that he planned to make the change in the next few hours. “And soon we will say goodbye to the Twitter brand and gradually to all the birds,” he wrote on his account.
The change is not surprising given the Musk’s long history with the name “X”says Allen Adamson, co-founder of marketing consultancy Metaforce. Tesla’s billionaire CEO tweeted last October that “buying Twitter is an accelerator to create X, the app for everything.”
It is also important to remember that at one point, Twitter temporarily replaced its traditional little blue bird in April with Dogecoin’s Shiba Inu dog, helping fuel an increase in the meme ‘token’s’ market value.
The ecosystem Dogecoin (DOGE) it had lost its appeal in recent weeks. According to experts, both internal and external factors have kept Dogecoin in the red zone. Among the factors that had impacted the meme cryptocurrency was the rise of other meme coins such as PEPE and FLOKI as well as the lack of development activity on the network.
Elon Musk’s ambitions and the link with Dogecoin
Similarly, on March 31, the ‘Reuters’ agency reported that Elon Musk had requested that the US Justice dismiss a lawsuit filed in 2022 in which the magnate is accused of orchestrating a Ponzi scheme to artificially inflate the value of the dog-themed ‘token’. The indictment sought damages of $258 billion after Musk used his power and influence to artificially drive DOGE’s value up 36,000% over two years and then let it crash, profiting in the process.
According to some experts, the $258 billion figure for damages is triple the estimated drop in Dogecoin’s market value in the 13 months prior to the filing of the lawsuit. The foundation Dogecoin, a non-profit organization, is also sued and requested the dismissal of the lawsuit.
the ambition of Musk It has always been to turn the social network into a platform similar to WeChat, the Chinese application that allows users to make payments and chat in real time, publicly or privately, among many other functions. In this sense, last April Musk signed an association with eTorowhich will allow users of the social network to buy and sell shares, cryptocurrencies and other financial assets.
However, the little support that users have given to the measures taken by Musk and the appearance of Threads, Meta’s response to Twitter’s weakness, could be a major obstacle to his ambitions.
Source: Ambito
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