Status: 4/4/2023 8:29 am
Guessing about the current change on Twitter: Since Monday evening, a dog’s head, the logo of the cryptocurrency Dogecoin, has adorned the home page of the short message service. The Dogecoin course is increasing.
Instead of the usual logo with the blue bird, the Dogecoin dog head has appeared on Twitter users since yesterday. The course of the cryptocurrency, which was once intended as a fun currency, promptly rose sharply.
The Dogecoin price, which has only been in the single-digit cent range for months, temporarily jumped by around a fifth after the logo change. Even after that, however, a unit of the digital currency only cost around ten US cents. According to the crypto platform Coinmarketcap, the market value of the Dogecoin is still around $13 billion. This puts Dogecoin in eighth place among the most important cryptocurrencies. Dogecoin has existed since 2013 and has the image of a dog of the Japanese breed Shiba Inu as its logo.
Guessing on Twitter: The bird has disappeared since Monday evening. In its place came the Dogecoin dog.
Image: twitter
No comment from Twitter and Musk
The company has so far made no statement about changing the logo that represents the cryptocurrency. Twitter owner and Tesla boss Elon Musk had often mentioned the controversial cyber motto in the past; also in tweets on Twitter when he was not yet the owner of the company. Even then, the Dogecoin price rose regularly in response to Musk’s price news.
The high point in spring 2021 was over 60 cents for a short time. That’s why Musk has to defend himself against an investor lawsuit. After the price collapse, an investor sued Musk, alleging he was part of an illegal Ponzi scheme in which the price of Dogecoin was pumped up and then crashed. Musk’s lawyers last week asked for the lawsuit to be dismissed, reiterating that the cryptocurrency is a legitimate investment.
Controversial crypto market
The most important cryptocurrency, Bitcoin, currently has a market value of around 500 billion dollars. Overall, the cyber currency market is around $1.2 trillion. The largely unregulated investment sector is repeatedly accompanied by price slumps and scandals. At the beginning of the year, the crypto exchange FTX filed for bankruptcy. There are allegations of money laundering at the world’s largest crypto trading platform Binance. Binance is now being sued by the US derivatives regulator CFTC.