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.
Big Eyes Coin (BIG) has recently made an exciting announcement regarding the release of its new premium NFT collection. This latest development allows the BIG community to acquire and trade their favourite designs. The much-awaited collectibles are currently up for grabs on OpenSea.io, which provides an excellent opportunity for those who have not yet participated in the crypto presale to join.
Since the BIG coin is still in the presale stage, buyers can purchase it at a lower price point, making it a rare opportunity to purchase before it becomes public. Investors can take advantage of the possibility of the coin’s price skyrocketing in the future. Hence, it’s an ideal time to be a part of this presale that’s making headlines in the cryptocurrency world. Don’t miss out on this chance to be a part of a new and innovative venture in the crypto industry.
Find out more about Big Eyes Coin (BIG):
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