Elon Musk has made another remarkable move. He has replaced the well-known blue Twitter bird with the Dogecoin logo.
Without any prior notice, Twitter has replaced its recognizable Twitter bird logo above the home button on the web version of the social network with the DOGE logo.
Why is the Dogecoin price rising?
Dogecoin, which was created in 2013 as a joke to ridicule existing cryptocurrencies such as Bitcoin, is a so-called memecoin that Elon Musk is a big fan of. DOGE investors have been hoping since the acquisition that Elon Musk would implement the coin on Twitter and such an implementation now seems closer than ever.
Musk, who paid $44 billion to take over Twitter last fall, is a big fan of the Doge meme. He is therefore one of the main reasons why so much money has been invested by investors in the currency. According to investors, the fact that the Twitter logo has now changed to DOGE’s logo shows that Musk has big plans for the cryptocurrency. This is why the share price increased by more than 30 percent just after the logo change.
Why did Musk change Twitter’s logo?
The question everyone is asking now is, of course, why Musk changed the Twitter logo. Elon Musk explained this by sharing a screenshot of a conversation he had in 2022 with a Twitter user named @WSBChairman. Musk promised the user to change the Twitter logo to Dogecoin.
However, most analysts dispute whether this is the real reason. According to them, the change of the logo has to do with a lawsuit filed against the multi-billionaire. The indictment accuses Musk of fraud by promoting Dogecoin. Musk thinks this is nonsense and the change of the Twitter logo can therefore just be a nod to the lawsuit filed.
Another analyst, named Leo Schwartz, thinks there is another reason. He says he thinks it’s a diversionary tactic to divert attention from the Twitter Blue controversy.
Joke or not, the Dogecoin price has benefited greatly from Elon Musk’s remarkable move. The price of the memecoin has increased by more than 30 percent in the past 24 hours.
