Was it a delayed April Fool’s Day prank, a trolling response to Elon Musk’s ongoing lawsuit, or a sign that Twitter would be embedding the OG cryptocurrency joke? These were among the countless questions that ricocheted through the Twitter sphere after the social media platform’s blue bird icon was replaced with Dogecoin’s shiba inu logo on April 3.
The confusion was barely dispelled by Elon Musk’s explanation for the change, a tweet that simply read “As promised”, accompanied by a screenshot of his 2022 conversation with a user who suggested going back the bird in favor of Doge. Dogecoin intervened by tweeting: “Very commonplace. Wow. Lots of parts. How money. So Crypto.
Regardless of the thinking behind the move (or lack thereof), the price of Dogecoin has shot up dramatically from $0.077 on April 3 to $0.090 at the time of writing. It’s a 16% increase that represents the highest value for the coin in nearly six months.
Despite these gains, Dogecoin is still trading 86% below its 2021 peak. Saturday Night Live it hosted in 2021. Since the first tweet about Dogecoin in April 2019, the coin’s value has increased by 2,547%.
Aside from the market volatility sparked by the shiba inu’s high social media presence, he renewed talks that Dogecoin was on the right track to finding a foothold. place in Twitter coming. It is extremely unlikely. Dogecoin, which is a Bitcoin clone and was released as a joke in 2013, is a proof-of-work (read: really bad for the environment) coin with slow transaction speeds and ultimately useless for Twitter.
Another theory is that Musk is tracking the plaintiffs who filed a $258 billion racketeering lawsuit against him. The trial contributed by Dogecoin investors accuses Musk of running a pyramid scheme and using his position of influence to drive up the price of Dogecoin, then let it crash. On March 31, days before Twitter’s rebranding, Musk asked a U.S. judge to dismiss the case, calling it a “work of fanciful fiction.”
Musk appeared to follow up on another one of his pet jokes on April 5 when the ‘W’ on Twitter’s HQ sign was covered, a reference to a poll Musk conducted in April 2022 that asked him if he had to “remove the ‘w’ on Twitter? »
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