On the 4th, Twitter changed its iconic "blue bird" icon to a "shiba inu" dog, the icon of the cryptocurrency Dogecoin (DOGE). In response to this, Dogecoin temporarily rose in price by more than 30% compared to the previous day.
At this time, only the PC version has been changed, and the app version remains the same icon.
Dogecoin is known as a cryptocurrency that Elon Musk, CEO of Twitter, personally supports.
The reason for the icon change is not clear, but it is thought to be due to a conversation with the administrator of the popular stock trading community "r/WallStreetBets (WSB)".
On March 26 last year, Musk tweeted, "Do you need a new platform?", and the administrator of WSB requested, "I want you to buy Twitter and change the blue bird logo to the Dogecoin logo." At that time, Musk responded, "That would be great." As a result, this request was realized about a year later.
Musk also tweeted "I kept my promise" after changing his icon, and showed an image of their exchange last year.
Musk has long been known for frequently posting about Dogecoin. He has even been accused of using his influence to manipulate the price of Dogecoin and has been sued.
According to Reuters, Musk's legal team filed a motion to dismiss the lawsuit related to Dogecoin on the 31st of last month in the U.S. District Court for the Southern District of New York.
The attorney for the investors who are seeking damages of $258 billion (approximately 34.2 trillion yen) has accused Musk, the second richest man in the world, of deliberately inflating the price of Dogecoin by 36,000% in two years and then causing it to crash.
In response, Musk's attorney argued that "it is not illegal to tweet words and unique photos in support of cryptocurrencies that maintain a market capitalization of approximately $10 billion (approximately 1.3 trillion yen)."
Dogecoin is a meme coin created in 2013 with the motif of the Shiba Inu dog "Kabosu-chan". It has seen a dramatic price increase in 2021, and at one point rose to fourth place in terms of cryptocurrency market capitalization.
Source:Reuters
Image: Shutterstock
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