On April 3, the world’s most popular social media platform, Twitter, altered its profile picture to reflect the image of a popular meme token, Dogecoin (DOGE). Only two days earlier, the 51-year-old CEO of Twitter and Tesla, sought a U.S. judge to quash the $258 billion lawsuit filed by investors accusing the execution of a pyramid scheme to promote Dogecoin. The investors alleged that Musk fueled the price of DOGE through the use of a Ponzi scheme.
What Made Twitter Change Its Logo?
While the crypto community is startled over the sudden Twitter move, Elon Musk tweeted a screen grab of a Twitter thread where he was seen conversing with the WSB Chairman, a noted stock trader. The conversation dates back to the pre-Twitter buyout deal where he inquired about the necessity of a new micro-blogging platform that could compete with Twitter instead. In response, WSB remarked to “just buy twitter” and suggested changing the bird logo to a Dogecoin instead. Following today’s latest development, Musk captioned his tweet with the phrase “as promised”.
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Another group of speculators believes it to be one of Musk’s dire attempts of playing the April fool’s prank — albeit delayed. However, few also believe it to be an extremely well-thought and smart move by the tech mogul, given that Twitter was flooded with jokes and pranks of all sizes across industries on April 1. It’s suspected that Musk deliberately executed the prank late in order to take his millions of Twitter users by surprise.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
DOGE Price Rallies On Twitter Logo Change
As a direct consequence of this, the value of Dogecoin’s native token, DOGE, surged by roughly 25% as it almost breached the coveted $0.1 price mark. In addition, the memecoin overtook Polygon (MATIC) in market cap to clinch the 8th position on CoinGape’s crypto market tracker. However, at the time of writing, the price of DOGE experienced slight exhaustion as it dropped by 5.56% and is currently exchanging hands at $0.091.
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