As Twitter users began to see their home button transformed into the canine image for which Dogecoin is called, the price of the cryptocurrency jumped as much as 30%. Visitors to the site were welcomed not by the site’s usual blue bird emblem, but by the Shiba Inu online caricature upon which the coin is based.
The token’s value increased as more people caught on to the allusion to Dogecoin’s character. In less than an hour on Monday, the price of Dogecoin increased by over 20%, reaching its greatest level in over a month at around $0.092. The price has increased marginally ever since.
Twitter’s authentication mechanism has been in flux for a few days prior to the update. The legacy authentication checkmark was deleted from some profiles, including the New York Times’.
After being accused of running a Ponzi scam to promote the cryptocurrency Dogecoin to the tune of $258 billion, Musk filed an appeal with a US court to have the case dismissed. Musk’s comments on Twitter, which he controls, have resulted in multiple cases. Elon Musk was charged by investors of intentionally driving up the price of Dogecoin by over 36,000% in two years before allowing it collapse.
In response to this claim, Musk’s legal team stated that the investors never provided any evidence that Elon Musk meant to deceive anyone or that he concealed any material dangers. Musk’s attorneys argued that the “Dogecoin Rulz” and “no highs, no lows, only Doge” tweets were too ambiguous to support a deception allegation.
Musk also included a snapshot of his discussion with the unidentified account on March 26, 2022, in which the latter requested a logo change from “bird” to “doge.” Musk tweeted this and simply wrote, “As promised.”
