The meme coin community received a pleasant surprise yesterday from US billionaire Elon Musk. Indeed, Twitter's new owner once again paid homage to Dogecoin by replacing the social network's original logo with an image of the same corner's mascot, the Shiba Inu.
This action did not go unnoticed as the price of the cryptocurrency rose 20% within minutes. This isn't the first time the Twitter CEO has shown his interest in this crypto meme. His various actions regarding Dogecoin on Twitter even got him sued in US courts.
Dogecoin's Shiba Inu becomes Twitter's new mascot
At least that's what we can learn from recent changes to the social network's web platform. Now it's pretty clear that the logo of the Shiba Inu, a trademark of Dogecoin, has replaced the bird icon on Twitter's website. Crypto news never ceases to surprise, especially when Musk is involved!
As a result, Dogecoin (DOGE) saw its price increase by over 20% right after. The token rose from around $0,077 to $0,1026 just before the logo change. Its current price is $0,099.
This is a peak that has not been reached since December , when the token price also exceeded 10 cents .
Elon Musk has often praised Dogecoin's virtues and sometimes suggested that the same currency may offer better payment features than Bitcoin (BTC). An hour after Twitter's logo change, Elon Musk tweeted a comic image that clearly represented his interpretation of the situation.
A response from Elon Musk to his critics?
This new attack by Elon Musk on the Dogecoin market comes just days after the billionaire and his lawyers denied the claims of some investors in the same corner.
Indeed, several investors have formed a collective to sue the boss of Tesla and Space X, accusing him of creating a “pyramid scheme” aimed at supporting the cryptocurrency, after numerous speeches in favor of it from the same corner.
As a matter of fact, Musk's lawyers requested the dismissal of the lawsuit, which demanded $258 billion in damages last Friday.
They also described the claims as "fantasy fiction" and added that Musk's tweets about Dogecoin were just "harmless" and "stupid" remarks by the tech boss.
That said, it's relatively clear that Elon Musk has been tweeting regularly about Dogecoin for years. He introduced it to his Twitter followers for the first time in 2019, stating that the same cryptocurrency is his favorite cryptocurrency.
Following the market's impressive bullish curve in 2021, Dogecoin's value hit a mid-year high of $0,74. However, that was only short-lived, and since then the coin has only been climbing periodically and often after Musk's comments on Twitter.