Elon Musk took the world by surprise when he changed the blue bird logo of Twitter to Shiba lnu dog, the logo of the much-discussed cryptocurrency, Dogecoin. This change turned out to be a pleasant one for the crypto coin as it spiked over 30 per cent in a matter of minutes.
Dogecoin went from $0.077 to $0.10 in 30 minutes. According to CoinMarketCap.com, dogecoin is the eighth-most valuable cryptocurrency, with a market cap of over $13 billion.
However, the coin was only created as a joke. Musk has been joking about the coin for years now. He even started #DogeToTheMoon hashtag on Twitter, which has been trending again.
But is it a wise move?
The logo swap comes days after attorneys for Twitter and Musk asked a federal judge to toss out a $258 billion lawsuit from 2022 that accused the billionaire of manipulating dogecoin’s price and driving it up over 36,000 per cent.
Musk confirmed his move of changing the logo in his style - by tweeting a meme about it while also taking a dig at the U.S. SEC.
Musk also tweeted a screenshot of an old chat and said, "As promised."
In December 2021, Tesla announced it would accept dogecoin for some merchandise. At the time, Musk said on Twitter that Tesla would “see how it goes.”
Dogecoin rose more than 20 per cent following that tweet. In January 2022, when Musk announced on Twitter that dogecoin payments were live, the cryptocurrency jumped as much as 15 per cent.