Dogecoin jumped more than thirty percent on Monday, 3rd April as the micro-blogging platform, Twitter changed its logo from the bluebird to an image of the popular ‘doge’ meme featuring the face of a shiba inu. The doge’s mascot was clearly visible in the top-left of Twitter’s homepage where usually the company’s logo is placed.
Dogecoin Price Rose Significantly After the Change
As per CoinGecko, the dogecoin’s price spiked more than 26% to about $0.1. As per details, Musk purposefully drove up the price of the token by more than 36,000% over the course of two years. Most importantly, the logo change comes three days after Musk petitioned a US federal court to drop a $258bn lawsuit levied against him by Dogecoin investors.
“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion. This court should put a stop to plaintiffs’ fantasy and dismiss the complaint,” said Musk’s lawyers in a court filing. It must be noted that the billionaire is accused of running a pyramid scheme to boost the digital currency’s value.
Also read: Dogecoin price soars to a new all-time high after Elon Musk’s tweet
