The token and its mascot – the Shiba Inu internet meme – has been a long-time favourite of Twitter CEO Elon Musk.
Dogecoin (DOGE) prices rallied on Monday after a small cameo on Twitter.
Users on Twitter reported that they were greeted with a small icon featuring Dogecoin’s mascot – the Shiba Inu internet meme – instead of the social network’s usual blue bird logo on the website’s interface.
— db (@tier10k) April 3, 2023
Dogecoin prices soon surged once people took notice of the token’s mascot.
According to CoinGecko, Dogecoin prices rose over 20%, to around $0.092 on Monday in less than an hour, making it reach its highest price in over a month. At press time, DOGE prices are hovering slightly below $0.10.
Upon the logo’s change, Twitter CEO Elon Musk tweeted an image acknowledging the bird logo’s replacement. Musk has a penchant for tweeting about the token – making statements like “Dogecoin Rulz” and “no highs, no lows, only Doge” on the social media platform.
— Elon Musk (@elonmusk) April 3, 2023
Last Friday, Musk requested for a Manhattan judge to disregard a $258 billion lawsuit on allegations that he and his electric car company Tesla are accused of running a pyramid scheme intended to support the price of Dogecoin.
Dogecoin investors had accused Musk – noted to be the world’s second-richest person according to Forbes – of deliberately driving up DOGE prices more than 36,000% over two years, and let the token crash. Lawyers for Musk and Tesla called the lawsuit a “fanciful work of fiction” over “innocuous and often silly tweets” regarding Dogecoin.
According to the investors, Musk’s actions have generated billions of dollars of profit at the expense of other Dogecoin investors, despite Musk’s knowledge that DOGE lacked intrinsic value.
“There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,” the filing from Musk and Tesla reads. “This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”
Musk and Doge
Musk has not only been vocal about his adoration of the canine-themed cryptocurrency via tweets like he’s “supporting Doge wherever possible” – it also shows in his business dealings.
Musk’s electric car company Tesla has admitted to having holdings in both Dogecoin and Bitcoin in the past. However, in an earnings call last year Musk revealed Tesla has sold 75% of its Bitcoin holdings. As for DOGE? As Musk puts it: “We have not sold any of our Dogecoin; we still have it.”
Upon Musk’s acquisition of Twitter, many were speculating whether Dogecoin integration for payments could be a thing in Musk’s new vision for twitter. Reports in January have indicated that Twitter is in the midst of building a payments product that also supports crypto payments.
Musk’s other ventures have also adopted DOGE as a form of payment. As of last May, Tesla and SpaceX began accepting payments in Dogecoin for merchandise purchases. A few months later, Musk’s infrastructure and tunnelling firm Boring Company committed to accepting DOGE as a valid form of payment to use its Vegas Loop transit system.
Musk’s first public declaration of supporting Dogecoin can be traced to a 2019 tweet where he states “Dogecoin may be my fav cryptocurrency.”
While Dogecoin has experienced a lot of ups and downs – currently still 87% down from all-time high – the canine meme-inspired currency still remains the 8th largest cryptocurrency by market capitalization. DOGE has a total value of over $13 billion, according to CoinGecko.