Recently, Elon Musk made headlines again in the cryptocurrency world when he replaced Twitter’s logo with that of Dogecoin, a digital currency based on the famous Shiba Inu meme. Many initially believed it to be an April Fools’ prank, but the change was, in fact, real and temporary, as the new logo was visible only on the web version of Twitter, not on the mobile app.
Elon Musk’s close relationship with Dogecoin is well-known, as the CEO of Tesla has been a vocal supporter of the cryptocurrency, tweeting about it numerous times. However, his involvement with Dogecoin has not always been positive. Musk has faced allegations from investors that he promoted Dogecoin despite knowing that it had no real value, leading to accusations of him building a pyramid scheme with the cryptocurrency.
A group of investors has filed a lawsuit against Musk, claiming that he used his influence and reach to manipulate the cryptocurrency’s price for his own financial gain. The lawsuit points to specific instances, such as Musk’s appearance on Saturday Night Live, during which he referred to Dogecoin as a “hustle.” Similarly, Twitter CEO Jack Dorsey, whose platform now displays the Dogecoin logo, has also faced legal challenges because of the cryptocurrency.
Despite the 30% price surge in Dogecoin following the logo change, the cryptocurrency’s volatility and the ongoing legal challenges faced by Musk and Twitter have raised concerns among investors. In a recent development, a leaked memo has surfaced indicating that Twitter’s value is currently estimated at $20 billion. Interestingly, this is only 50% of the amount paid by Elon Musk during the acquisition of the company.
The change in Twitter’s logo has also led to an increase in liquidations for derivatives connected to Dogecoin. Futures linked to the cryptocurrency’s value racked up $26 million in liquidations, with $10 million in long positions and $13 million in short positions. While traders may have an opportunity to profit from the recent price increase, the future looks uncertain for both Twitter and Elon Musk in the world of cryptocurrencies.
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