Dogecoin experienced significant growth on Monday afternoon when Twitter replaced its iconic logo with the Dogecoin symbol. April Fool’s Day has passed, but the move seems to have a deeper meaning.
The move sparked community conversation on Twitter itself, with surprised users tweeting their astonishment. Some speculated that hackers had infiltrated the platform to cause ‘mischief’.
At 20:50 our time, Musk posted a tweet, a meme that has become customary for him.
Some began to speculate that the logo change was a sign that Elon Musk might be planning to take over Dogecoin. However, it could also have been Musk’s way of showing support in the lawsuit directed against Dogecoin. The timing of the logo change seems symbolic. Late last week, Musk’s lawyers requested a federal judge in New York to dismiss a $258 lawsuit (2:50 pm UTC Musk posts tweet), which revolved around allegations of racketeering.
Calling the lawsuit ‘a fanciful piece of fiction’, Musk’s lawyers sought to have it dismissed.
– There is nothing illegal about tweeting words of support or funny images of a legitimate cryptocurrency that still has a market capitalization of $10 billion – the lawyers stated.
Investors suing Musk accuse him of executing a pump and dump scheme. They claim he knew the currency had no fundamental value but inflated its value through tweets.
Since its inception in 2013, Dogecoin has struggled with rumors of a lack of legitimacy, as the cryptocurrency started as a joke.
