The price of Shiba Inu, a meme-inspired cryptocurrency, increased on Tuesday after Elon Musk, who is being sued for his prior support of the coin, changed the Twitter bluebird logo to a dog connected with the token.
Dogecoin’s price increased by more than 20% from below $0.08 to more than $0.10 as a result of his choice to switch the logo to a Shibu Inu dog, whether it was a long-lasting modification or just another passing joke.
The head of Twitter, who has 133 million followers, has long used the site for humor and self-promotion. He occasionally also advertises dogecoin, a risky cryptocurrency that was first made as a joke.
An investor has filed a $258 billion lawsuit against Musk, claiming that Musk’s actions caused him to lose a significant amount of money. Musk has refuted the investor’s allegations.
When users on boards like Reddit and 4chan started posting images of the Japanese dog breed alongside statements in bad English, the Shiba Inu dog quickly became a well-known meme.
The cryptocurrency was introduced as a joke later that year and, like thousands of other currencies, remained mostly worthless for years.
However, after Musk stated that his automaker Tesla could start accepting it as payment, its value momentarily rose to a record $0.73 in May 2021.
Investors charged Musk with performing a “pump and dump,” or manipulating the token’s value to earn a rapid profit. The value of the token quickly fell.
Musk claims he pumps but does not dump and that he is committed to the cryptocurrency market.
The Shiba Inu became the logo after the company changed its logo, including a post from Elon Musk from last year in which he pledged to buy Twitter and use the Shiba Inu as its symbol.
Several users, however, were more pessimistic.
“Why do I get the feeling the Doge icon was added so when you search ‘Elon’ and ‘Doge’ the story of his racketeering lawsuit will be buried,” tweeted comedian Jesse McLaren.