Elon Musk’s Twitter Icon Change Sparks Dogecoin Surge
The value of Dogecoin has experienced an unprecedented surge, skyrocketing by over 30% to 7.9p following the alteration of Elon Musk’s Twitter profile picture to a cute dog. This sudden and significant increase in the market capitalization of the cryptocurrency has caused it to reach a value of over $14 billion, marking a stark contrast to its decline of 83% after reaching its peak worth of 46p in May 2021.
The Origins of the Twitter Icon Change
Immediately following Musk’s change to his Twitter profile picture on April 3, he posted an ancient conversation thread dated March 2022 with an account named WCBChairmain. The thread suggested that Musk ought to purchase Twitter and alter its icon to the Dogecoin dog. However, the permanence of the new icon remains in question as its nature remains uncertain.
Musk’s Interest in Cryptocurrency
Musk has previously expressed an affinity for both Dogecoin and Bitcoin, even claiming to own both cryptocurrencies himself. Despite this, the quantity of Dogecoin owned by Musk and Tesla remains a mystery. In July of 2022, Musk informed Tesla shareholders that the corporation continued to hold Dogecoin, although it had sold most of the Bitcoin it had owned. At the time, Tesla’s digital assets were estimated to be worth around $218 million.
Musk’s Legal Issues Involving Dogecoin
In 2022, Musk encountered legal trouble when he was sued by a crypto investor in New York for $258 billion (£207bn). The suit accused him of inflating the price of Dogecoin, labeling it a pyramid scheme. Musk has countered the claims, and on April 1, he requested a US judge to dismiss the case, stating that tweeting words of encouragement or amusing images concerning a legitimate cryptocurrency worth nearly $10 billion was not a violation of the law.
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