Elon Musk, the CEO of Twitter, has been facing a lawsuit for allegedly manipulating the Dogecoin markets. Recently, Musk replaced Twitter's iconic blue bird with the symbol of Dogecoin, which caused a surge in the value of cryptocurrency by more than 15 percent. Investors claim that Musk had artificially grown Dogecoin's price by more than 36,000% before letting it crash. Additionally, Musk's lawyers argued in court that Dogecoin is a "legitimate cryptocurrency that continues to hold a market cap of nearly 10 billion" and Musk 'stweets about it were just that.
Interestingly, the change in Twitter's logo came amidst a larger context, as Twitter is still navigating backlash over its latest significant change of reserving blue check marks for paying customers. A leaked memo written by Musk has also revealed that Twitter had lost half of its value in the months since he purchased it, plummeting by an estimated 20 billion. interestingly, Musk's take over of Twitter with aser ies of policy shifts
The recent change in Twitter's logo to Dogecoin's symbol has brought more attention to Musk's involvement with cryptocurrency, causing further complications in the lawsuit against him. The replacement of the blue bird with an enigmatic-looking Shiba Inu has led to a pump in the value of Dogecoin, and its current price is well below the 2021 high of 0.64.
Thus, the recent switch of Twitter's logo to the symbol of Dogecoin is only a small event in a more significant legal battle over cryptocurrency manipulation, Musk's involvement with Dogecoin, and his efforts to revamp Twitter. The shifting policies and backlash over Twitter's changes demonstrate the dynamism of the social media landscape, particularly in the context of cryptocurrency.
