Cryptocurrency surges as Elon Musk changes Twitter logo to ‘meme dog’
- The switch from the online platform’s usual bluebird to a Shiba Inu nicknamed ‘Doge’ caused the associated dogecoin’s price to jump more than 25 per cent
- Musk’s embrace of the digital token in the past has landed him in legal trouble, including a current US$258 billion lawsuit brought by an investor
A meme-inspired cryptocurrency’s price jumped on Tuesday after Elon Musk changed the bluebird logo of Twitter to a dog associated with the digital token, despite the mogul being sued over his previous promotion of the coin.
Musk bought Twitter in October last year for US$44 billion and has since slashed the workforce, introduced paid-for accounts and reinstated banned users including former president Donald Trump.
His decision to change the logo to a Shiba Inu dog, whether permanent or another short-lived joke, caused the price of dogecoin to surge by more than 25 per cent, from below US$0.08 to more than US$0.10.
The Twitter chief has 133 million followers and has long used the platform for self-promotion and humour, occasionally also promoting dogecoin, a highly volatile cryptocurrency initially created as a joke.
Musk has said he is committed to cryptocurrency, with a substantial portion of his fortune held in bitcoin.
Musk has also floated dogecoin as the basis for e-commerce payments, with observers wondering if the tycoon will use his purchase of Twitter to build an “everything app”, similar to China’s WeChat, that offers a wide range of services.