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On Monday, Twitter users suddenly found a dog head on their profile instead of the usual blue bird logo. The online service switched to the image representing the controversial digital currency Dogecoin without any explanation.
Twitter owner Elon Musk has frequently mentioned the cryptocurrency, which was originally designed as a joke, over the years and has therefore had to defend himself against an investor lawsuit.
Shiba Inu instead of blue bird
The Dogecoin course, which has been in the basement for a long time, has temporarily jumped by about a fifth after the logo change. But even after that, one unit of the digital currency cost only about ten US cents. At its peak in the spring of 2021, it briefly rose above 60 cents.
Following the price crash, an investor sued Musk, claiming he was part of an illegal Ponzi scheme in which the price of Dogecoin was boosted and subsequently crashed.
Musk’s lawyers filed last week to dismiss the case, reiterating that the cryptocurrency is a legitimate investment with a total value of around $10 billion. Dogecoin has been around since 2013 and has as its logo an image of a dog of the Japanese breed Shiba Inu. (SDA/none)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
