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Here’s Why Elon Musk Changed Twitter’s Logo To That Of Dogecoin (DOGE)

Elon Musk's latest tweet hints toward the likely reason why Twitter abruptly changed its official bird logo to that of Dogecoin on Monday.
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Here’s Why Elon Musk Changed Twitter’s Logo To That Of Dogecoin (DOGE)

On April 3, the world’s most popular social media platform, Twitter, altered its profile picture to reflect the image of a popular meme token, Dogecoin (DOGE). Only two days earlier, the 51-year-old CEO of Twitter and Tesla, sought a U.S. judge to quash the $258 billion lawsuit filed by investors accusing the execution of a pyramid scheme to promote Dogecoin. The investors alleged that Musk fueled the price of DOGE through the use of a Ponzi scheme.

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What Made Twitter Change Its Logo?

While the crypto community is startled over the sudden Twitter move, Elon Musk tweeted a screen grab of a Twitter thread where he was seen conversing with the WSB Chairman, a noted stock trader. The conversation dates back to the pre-Twitter buyout deal where he inquired about the necessity of a new micro-blogging platform that could compete with Twitter instead. In response, WSB remarked to “just buy twitter” and suggested changing the bird logo to a Dogecoin instead. Following today’s latest development, Musk captioned his tweet with the phrase “as promised”.

Read More: U.S. Justice Department Seizes $112 Million Linked To Crypto Investment Scams

Another group of speculators believes it to be one of Musk’s dire attempts of playing the April fool’s prank — albeit delayed. However, few also believe it to be an extremely well-thought and smart move by the tech mogul, given that Twitter was flooded with jokes and pranks of all sizes across industries on April 1. It’s suspected that Musk deliberately executed the prank late in order to take his millions of Twitter users by surprise.

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DOGE Price Rallies On Twitter Logo Change

As a direct consequence of this, the value of Dogecoin’s native token, DOGE, surged by roughly 25% as it almost breached the coveted $0.1 price mark. In addition, the memecoin overtook Polygon (MATIC) in market cap to clinch the 8th position on CoinGape’s crypto market tracker. However, at the time of writing, the price of DOGE experienced slight exhaustion as it dropped by 5.56% and is currently exchanging hands at $0.091.

Also Read: These Three Major Crypto Exchanges Are Merging Into One To Create A Binance Rival?

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Pratik Bhuyan

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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