Dogecoin Twitter jumble leads Dogecoin’s price to spike from 0.079 USD to 0.096 USD in less than 24 hours. That is after Twitter CEO Elon Musk replaces the platform’s logo with that of the cryptocurrency.
On Monday, Twitter users were surprised to find the classic blue bird was gone and the head of a perplexed Shiba Inu dog took its place. This Shiba Inu is “Doge”— a classic meme developed into a cryptocurrency tangled in a long history with Elon Musk.
What is Dogecoin?
Also called “memecoin”, Dogecoin is a cryptocurrency primarily created as a joke. If you’re a fan of 2010 9gag, and you probably are, you’ve definitely come across Doge.
In 2013, software engineers Billy Markus and Jackson Palmer created Dogecoin as a Bitcoin parody. Markus told CNBC that he created the cryptocurrency in “about two hours.” “The crypto community can be pretty elitist and not very inclusive, and we wanted to make a community that was more fun, lighthearted and inclusive,” Markus added.
The coin peaked in May 2021 and traded at bout 70 cents before falling to less than 6 cents. But even after Monday’s rush, the coin traded just above 9 cents.
The Elon Musk-Dogecoin History
At one point, Musk referred to himself as the “Dogefather.” In 2021, he announced his plan to launch a satellite (Doge-1) to the moon on a mission funded by Dogecoin.
SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!https://t.co/xXfjGZVeUW
— Elon Musk (@elonmusk) May 9, 2021
After that, in January 2022, he announced that individuals could buy certain Tesla merch using the coin. And a few months later he revealed that Tesla owned Dogecoin.
Late on, in May 2021, Elon appeared on SNL and mentioned in his monologue that his mother would receive Dogecoin for Mother’s Day. He also said Dogecoin was a “hustle.”
Then, on Monday he changed the Twitter logo to that of Dogecoin as a callback to when a Twitter user suggested Musk buy the company and change the logo. “As promised” he titles the announcement.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Recently, news broke that Musk is currently facing a $258 billion class-action lawsuit in federal court. Dogecoin investors filed the lawsuit accusing him of engaging in a pyramid scheme by promoting the cryptocurrency. Musk’s lawyers argue the lawsuit is a “fanciful work of fiction.”
Dogecoin Twitter Conclusion
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