When Elon Musk speaks, turn up the pandogecoin. This has already happened in the past, and yesterday this cryptocurrency suddenly rose in value again when the traditional Twitter logo, the silhouette of the little blue bird, was replaced by the dogecoin logo, the head of a Shiba Inu dog.
What has happened Yesterday the Twitter web client, the loading screen and the main interface suddenly started showing the icon of Kabosu, the Shiba Inu breed that inspired the Doge meme. Thus, the traditional Twitter logo temporarily disappeared, and a message from Elon Musk on Twitter at that time jokingly confirmed that change.
Dogecoin skyrockets its value . That change in the Twitter logo caused a spectacular growth in the value of the dogecoin cryptocurrency . At 7:30 p.m. CEST the value was around $0.077, but shortly after that value shot up by about 25% and exceeded $0.10. Although in later hours the value was reduced, at the moment it remains very close to that barrier of 0.10 dollars.
Micropayments with dogecoin? One of the theoretical projects surrounding Twitter since Elon Musk took possession of the platform is to turn it into a kind of neobank . With advertising in free fall and the Twitter Blue fiasco, the billionaire continues to seek alternative avenues of income, and being able to make person-to-person payments on Twitter is being considered as an option. That’s where dogecoin, a cryptocurrency long touted by Musk, could come in.
Ponzi scheme accusation . These events coincide with the request that Musk made last Friday in Manhattan federal court: that he dismiss the accusation that he had promoted a pyramid scheme with dogecoin. The coin has been criticized by the founder of Ethereum , and a single person is known to have held nearly 30% of all dogecoin. Even the creators of this “memecoin” reneged on this and other cryptocurrencies.
That lawsuit threatened a $258 billion fine, but his lawyers called the lawsuit a “work of fanciful fiction” and explained that Musk never intended to defraud anyone. “There is nothing illegal about tweeting supportive words or funny images about a legitimate cryptocurrency,” they explained.
The change persists . Hours later, Twitter continues to show this change in the web client, although the logos are the traditional ones in the mobile application. Musk may just want to “troll” the plaintiffs, but in any case, the value of dogecoin remains relatively stable for the moment after the rise caused by that action.
