Dogecoin Price Surges Over 30% Following Elon Musk's Shiba Inu Twitter Logo Change

Bombolo | News and Media

Dogecoin, the cryptocurrency created as a joke in 2013, spiked by more than 30% on Monday after Twitter CEO Elon Musk replaced the blue bird on his company's website with an image of a shiba inu, the digital coin's logo. Musk's endorsement of dogecoin has been a driving factor in its price volatility, with his tweets about the token often causing significant market movements.

The Lawsuit

On Friday, 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%. Musk's lawyers described his public statements about the coin as "innocuous and often silly tweets," in a court filing. However, two of Musk's companies, Tesla and the Boring Company, are named in the lawsuit, as Tesla announced in December 2021 that it would accept dogecoin for some merchandise, causing a surge in its price.

Musk's Public Endorsement

Musk has been touting dogecoin for years, periodically tweeting about the token, which has predictably caused significant price volatility each time. According to CoinMarketCap.com, dogecoin is currently the eighth-most valuable cryptocurrency, with a market cap of over $13 billion.

Tesla's Involvement

Tesla has digital assets on its books, including bitcoin, and still accepts dogecoin as payment for some merchandise. During an earnings call last year, Musk confirmed that Tesla still held all of its dogecoin. In a tweet, he also indicated that he personally held dogecoin as well.

Conclusion

Elon Musk's tweets and public endorsement of dogecoin have caused significant price volatility for the cryptocurrency. While his lawyers describe his tweets as "innocuous and often silly," his involvement in Tesla's decision to accept dogecoin for merchandise has led to his company's inclusion in a lawsuit accusing him of manipulating the coin's price. Despite this, Musk and Tesla continue to hold onto their dogecoin, and the cryptocurrency remains one of the most valuable in the market.

FAQs

1. What is dogecoin?
   Dogecoin is a cryptocurrency created as a joke in 2013.

2. What caused the recent spike in dogecoin's price?
   Elon Musk replaced the blue bird on his company's website with an image of a shiba inu, the digital coin's logo, which caused a more than 30% spike in its price.

3. What companies are named in the lawsuit accusing Elon Musk of manipulating dogecoin's price?
   Tesla and the Boring Company are named in the lawsuit.

4. Does Tesla still accept dogecoin as payment?
   Yes, Tesla still accepts dogecoin as payment for some merchandise.

5. Does Elon Musk personally hold dogecoin?
   Musk has indicated in tweets that he personally holds dogecoin.

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