- The decision of Elon Musk, executive director of the social network, promoted the price of the virtual currency to rise 26%. Main photo: Shutterstock
The dogecoin cryptocurrency doubled its value on Monday, April 3, when it was used as the logo of the social network Twitter, replacing the usual blue bird. Doge went from 0.076 cents to $0.1 and then down to $0.096.
Dogecoin
It was created in 2013 as a joke. The image of him is a shiba inu dog with a shocked expression on his face.
The Dogecoin price rose more than 26% in an apparent reaction to this movement by Elon Musk’s company, which has recently promoted this cryptocurrency, even accepting for the purchase of Tesla accessories, the vehicle company electrical that he directs.
Musk, director of Twitter, has said on more than one occasion that he owns dogecoins and in 2022 he was sued by an investor who accused him of illegally inflating the price of the cryptocurrency, one of the most volatile on the market.
At the close of the stock market on March 31, the dogecoin was trading almost 90% below its all-time high, which reached 70 cents in May 2021.
Why does Twitter have dogecoin as its logo?
Dozens of Twitter users reacted on the social network when they saw the popular dog meme that appears in the upper left, where the blue bird used to be.
Some tweeters took the dogecoin image as a joke, while several United States (US) media outlets warned that Musk’s move could be due to him facing a $258 billion lawsuit.
According to the information, the lawsuit would be made because, in the opinion of the US authorities, Musk would be running a “pyramid scheme” allegedly to defraud cryptocurrency investors.
“And now it has placed the Doge art at the top of the menu on the laptop screen”; “Why is there a puppy on my Twitter? “Who let the dogs out?” were some of the comments that were read.
What has Elon Musk said?
The executive director of Twitter has published several posts related to the news on Monday, April 3.
One of them in responses to the American media, where he sarcastically demands the attention and criticism they have about him.
“I wish the media would stop flattering me all the time…they’re a little too small,” he posted on Twitter.
In addition, he shared a cartoon of Doge showing his driver’s license to a police officer. In the photo, instead of appearing the photo of him, the blue bird appeared.
The most recent comment on the cryptocurrency as a picture on Twitter was: “They willingly did exactly what I wanted them to do.”