Elon Musk just changed Twitter's logo to the Dogecoin symbol.

On April 4, 2023 (GMT+8), the CEO of Twitter, billionaire Elon Musk changed Twitters logo to the symbol for Dogecoin. Musk announced the switch via an internet meme on his personal Twitter account. According to the report, the currency rose as much as 30% on the news, and Doge immediately began trending on the site. However, its current price (hovering just under $0.1) is well below the 2021 high of $0.64.

The move comes after a series of policy shifts for the embattled social media company, including a change to its verification system that saw major accounts, like the New York Times, lose their blue checkmark.

A leaked memo written by Musk revealed that Twitter had lost half of its value in the months since he purchased it, plummeting by an estimated $20 billion.

Musk is being sued for allegedly manipulating Dogecoin markets

Musk‘s decision comes after he asked a US judge on March 31 to throw out a $258 billion racketeering lawsuit that accuses him of running a pyramid scheme to benefit Dogecoin. Investors claimed that Musk artificially grew Dogecoin’s price by more than 36,000% and then let it crash, in order to short the currency. The lawsuit points to tweets like “Dogecoin Rulz” and his appearance on Saturday Night Live when he told viewers to invest in Dogecoin. The $258 billion in damages is triple the decline in Dogecoin‘s value during the 13 months leading up to the lawsuit, according to court documents. Musk’s lawyers said his statements were too vague to be considered fraud. “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,” Musk‘s lawyers said, according to a Reuters report. “This court should put a stop to plaintiffs’ fantasy and dismiss the complaints.”

The price of Dogecoin climb as the Twitter logo has been changed to the Dogecoin symbol.

Dogecoin as the new Twitter logo could mean a big validation of the encrypted space, as it would serve as a huge promotional campaign. Moreover, it will only strengthen Musk's ties to DOGE and the cryptocurrency universe.

Some sources said Musk using Dogecoin as the new logo of Twitter is a temporary action. Dogecoin's market value could fall once Twitter's logo goes back to its original look.

On Monday, social media platform Twitter updated its website with images of Dogecoin. That caused DOGE prices to immediately spike more than 21 percent.

Last week, Musk responded to allegations that he was running a pyramid scheme to support Dogecoin. The billionaire's lawyers cited Mr. Musk's tweets only as a show of support, arguing that such posts are not illegal. That's especially true, they say, given meme coins $10 billion market cap. Musk asked the court to dismiss the complaint.

About Dogecoin

According to the Dogecoin website, an open-source peer-to-peer digital currency, favored by Shiba Inus worldwide. Dogecoin is a cryptocurrency that was created in 2013 based on a popular internet meme. It features the image of a Shiba Inu dog and was created as a humorous project. However, it gained popularity and became a legitimate cryptocurrency with a market value. It operates on a decentralized, open-source blockchain network and can be used as a form of digital payment or traded on cryptocurrency exchanges. Due to its community-driven and light-hearted nature, it has gained a loyal following among cryptocurrency enthusiasts.