

Dogecoin, a cryptocurrency famous for being supported by Elon Musk, spiked more than 30% today (April 3) after Twitter CEO Elon Musk replaced the iconic blue bird on his company’s website with an image of the Shiba Inu in popular culture, the digital coin’s logo.
This move by Musk followed his recent tussle with the law, as he faced a $258 billion lawsuit from 2022, accusing him of manipulating Dogecoin’s price and driving it up over 36,000%.
On Friday, attorneys for Twitter and Musk asked a federal judge to toss out the lawsuit, describing his public statements about the coin as “innocuous and often silly tweets.”

Musk’s public endorsement of the coin goes further than social media messages.
Two of his other companies, Tesla and the Boring Company, are named in the lawsuit.
In December 2021, Tesla announced it would accept Dogecoin for some merchandise, and Musk said on Twitter that Tesla would “see how it goes.” Dogecoin rose more than 20% following that tweet.
In January 2022, when Musk announced on Twitter that Dogecoin payments were live, the cryptocurrency jumped as much as 15%.

Tesla does have digital assets on its books, including Bitcoin, and still accepts Dogecoin as payment for some merchandise. “We have not sold any of our Dogecoin,” Musk said on an earnings call last year. “We still have it.” Musk has indicated that he personally holds Dogecoin as well.
Musk started touting Dogecoin years ago, periodically tweeting about the token, which was created as a joke in 2013, predictably causing volatility each time. According to CoinMarketCap.com, Dogecoin is the eighth-most valuable cryptocurrency, with a market cap of over $13 billion.

After the Twitter logo was altered to a shiba inu image, Musk shared a meme about the change to his 133.5 million followers on Twitter. The dog appeared only for some users of Twitter, including those on its website.
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