Elon Musk, the outspoken CEO of Tesla and Twitter, has once again made headlines with his latest antics on the popular social media platform. On April 3rd, Twitter changed its icon to that of the symbol on the meme-inspired cryptocurrency Dogecoin (Doge), sparking a surge in the token's value. This move by Twitter came just two days after Musk asked a U.S. judge to dismiss a $258 billion lawsuit filed by investors who accused him of promoting Dogecoin as part of a pyramid scheme.
As a result of the Twitter icon change, Dogecoin's price has surged by more than 22% in the past hour, reaching $0.09784 per token. This increase in value was driven by the widespread visibility of the Dogecoin symbol on Twitter, which is estimated to have 360 million monthly active users. However, the lawsuit against Musk is still ongoing, despite his lawyers arguing that his tweets and memes in support of Dogecoin do not constitute fraud.
This latest episode in the ongoing Dogecoin saga highlights the power that social media influencers, such as Elon Musk, can have on cryptocurrency markets. While the long-term future of Dogecoin remains uncertain, it is clear that its popularity is still on the rise, with its value continuing to fluctuate in response to social media trends and celebrity endorsements. As always, this is a developing story, and we will continue to update it as new information emerges.
