Dogecoin drops after Twitter switches logo back to iconic blue bird
Elon Musk and dogecoin
Popular cryptocurrency Dogecoin fell by nearly 9% on Thursday after Twitter reverted to its iconic blue bird logo.
The fall in price is a mere reflection of how Elon Musk has used the crypto token as a joke.
Earlier, Twitter had replaced its blue bird logo with the Shiba Inu face, which is the logo of the Dogecoin crypto token.
The unusual logo change led to Dogecoin rising by about 30 per cent.
Twitter users could see the unusual logo change on the website for a few days.
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But the old logo has now been restored.
The logo alteration to Dogecoin came just days after Musk sought the dismissal of a $258 billion lawsuit, which accused him of manipulating and driving the crypto token's price by over 36,000 per cent.
What's Dogecoin?
Dogecoin began as a joke in 2013 but is now the eighth-most valuable cryptocurrency in the world, as per some estimates.
Dogecoin is a meme coin, a category of cryptocurrency which depicts popular animated memes.
Musk, who bought Twitter in 2022 for $44 billion, has been touting Dogecoin for many years.
His electric vehicle company, Tesla, announced in 2021 that it would take Dogecoins for some merchandise.
Why the flip-flop with the logo?
The question is, why exactly did Musk decide to change the Twitter logo to a dogecoin?
Musk may have been trying to shift attention away from the lawsuit against him by investors in Dogecoin, even though there is no clarification on this matter.
The argument he meant to illustrate by altering the logo to Doge was that his tweets about the Doge are not an attempt to mislead anyone and should not be taken seriously at any one point in time.
WATCH | Elon Musk's belated April Fool's Day gag? Twitter logo changed to Dogecoin
This is precisely what his lawyers said in court while terming the case as a "fanciful work of fiction" over the Twitter owner's "innocuous and often silly tweets."
The purpose of modifying the logo may likely have been to simply demonstrate to the court that the defendant's acts about Dogecoin are, in fact, comical and in no way serious.
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