Dogecoin

The price of Dogecoin has skyrocketed in recent hours after billionaire Elon Musk confused Twitter users by changing the app's logo to a picture of a dog.

In July last year, Elon Musk told Tesla shareholders that the carmaker, of which he is CEO, still held Dogecoin despite selling off most the Bitcoin it held. In 2022, Musk was sued for $258 billion (£207bn) by a crypto investor in New York for inflating the price of the cryptocurrency, under the premise that it was a pyramid scheme. [that Musk should buy Twitter and change its icon to the Dogecoin dog.](https://www.standard.co.uk/tech/why-twitter-logo-dog-doge-coin-shiba-inu-elon-musk-b1072066.html)

Musk's own lawyers have described his tweets about the cryptocurrency as 'innocuous and often silly'

But many argue that Musk’s tweets and comments about Dogecoin are often humorous and not necessarily indicative of his actual investment intentions. As of 2021, there were over 130 billion Dogecoins in circulation. Like other cryptocurrencies, Dogecoin uses blockchain technology to secure and verify transactions. Dogecoin is based on the popular "Doge" internet meme, which features a Shiba Inu dog with various phrases written in Comic Sans font. Here is everything you need to know about it. Advertisement

Twitter users were nonplussed yesterday when they logged into Twitter to find the usual bird logo had been replaced by the dogecoin dog.

Lawyers for Elon Musk called the lawsuit by DogeCoin investors a “fanciful work of fiction”. and change the bird logo to a Doge”. Was it a hack?

Twitter owner and Tesla chief Elon Musk's recent rebrand of his social media platform to incorporate Dogecoin (DOGE) comes only days after the world's...

"This court should put a stop to plaintiffs' fantasy and dismiss the complaint." Lawsuits against cryptocurrency influencers are becoming more common. They are thus suing for three times the US$83bn in losses. Lawyers for Musk and Tesla have called the lawsuit by Dogecoin investors a "fanciful work of fiction" while writing Musk’s tweets off as "innocuous and often silly”. [SpaceX](https://www.proactiveinvestors.co.uk/PRIVATE-NA:SPACEX/SpaceX/) and Tesla as “engaged in a crypto pyramid scheme by way of the Dogecoin cryptocurrency”. [Twitter Inc (NYSE:TWTR)](https://www.proactiveinvestors.co.uk/NYSE:TWTR/Twitter-Inc/) owner and [Tesla Inc (NASDAQ:TSLA)](https://www.proactiveinvestors.co.uk/NASDAQ:TSLA/Tesla-Inc/) chief Elon Musk’s recent rebrand of his social media platform to incorporate Dogecoin (DOGE) comes only days after the world’s richest man petitioned US courts to throw out a lawsuit over his promotion of the memecoin.

Dogecoin Price Prediction: DOGE price has soared by more than 30% as Elon Musk has replaced the Twitter bird logo with Doge meme.

Analysis of the DOGE price chart reveals that the coin is retesting the key psychological resistance of $0.10. Dogecoin price prediction will become extremely bullish if the price reclaims the $0.11 level. At the time of writing, the price is trading above this level once again. The move comes at a time when Elon Musk is being sued by Dogecoin investors about his involvement in running a Ponzi scheme. At press time, the cryptocurrency created out of DOGE memes is trading at $0.099 and retesting a major resistance. Dogecoin (DOGE) price prediction is being influenced by Elon Musk once again.

The new logo appears on the social media site's homepage and loading screen, though the bird remains as the app's branding on phones and tablets.

He claimed in June last year that he would continue to support the currency. Mr Musk has petitioned to have the lawsuit dismissed. He also announced last year that Tesla merchandise could be bought using the coin. Dogecoin’s value is now over one cent for the first time since last November. As of Tuesday morning it was worth just over $0.1, up from $0.077. It is currently unclear whether the new logo is permanent, a late April fool’s joke, or something else altogether.

Dogecoin's Shiba Inu dog replaced Twitter's blue bird as the social media company's logo on Tuesday, helping the meme coin add as much as $4 billion to its ...

The digital currency was set up in 2013 as a parody of cryptocurrencies such as Bitcoin. Dogecoin was based on a then-popular doge meme, which featured a Shiba ...

Elon Musk tweets out meme after blue bird on homepage replaced by image of shiba inu associated with cryptocurrency.

According to a leaked internal memo, Twitter is now worth less than US$20bn, under half what Musk paid for it six months ago. The plaintiffs reportedly complained the sell-off of Dogecoin began when Musk appeared on Saturday Night Live and referred to Dogecoin as a “hustle” in a segment. “Musk used his pedestal as world’s richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure and amusement,” the complaint reportedly stated. [reported in June last year](https://www.reuters.com/legal/transactional/elon-musk-sued-258-billion-over-alleged-dogecoin-pyramid-scheme-2022-06-16/) that according to the complaint, the plaintiffs claim Musk knew that since 2019 the cryptocurrency had no value, but promoted Dogecoin to profit from its trading. Musk has not explained the reason for the change, but some users speculated it was meant to be an April fool’s day gag that the company was unable to bring in on time on 1 April. Twitter changed its iconic blue bird logo on Monday to mimic the logo of a popular cryptocurrency – an image of a dog that featured in viral memes – in what appears to be a late April fool’s day gag from the company’s billionaire owner,