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The swap showed how Twitter owner Elon Musk can make any changes to the platform.
The tech billionaire cited a tweet by a user who suggested that Musk buy Twitter and replace the logo with the Dogecoin symbol a year ago, instead of starting his own online service. In October 2022, it bought Twitter for approximately $44 billion.
Cryptocurrency whose logo is a dog image is controversial. It was originally meant as a joke, but Musk, among others, made it better known by tweeting frequently. After a brief increase in price, a collapse followed.
Later, an investor sued Musk, alleging that he was part of an illegal Ponzi scheme in which the price of Dogecoin was boosted and subsequently crashed. Musk’s lawyers filed a motion to dismiss the lawsuit last week, reiterating that the cryptocurrency is a legitimate investment with a total value of nearly $10 billion.
After the logo change on Twitter, the Dogecoin course temporarily increased by about a third. 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. On Friday, the price dropped to eight cents again.
(SDA)
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.
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