Elon Musk replaced the Twitter bird logo with a new Shiba Inu logo on Monday. The new logo that shows Kibosu is inspired by the doge theme.
Without a warning, Musk removed the iconic bird logo from the social networks web version to the popular “doge” of the Dogecoin cryptocurrency. The original doge was created in 2013 to mock other cryptocurrencies in the blockchain such as Bitcoin.
The business mogul bought the microblogging site last fall for a massive $44 billion deal. Although many Twitter users left the platform after Musk took over the authority, there are still millions of users navigating through this particular social media platform.
Following the logo alteration, Twitter has been the subject of criticism and it has been receiving major backlash from its users.
After changing the logo, Twitter CEO uploaded a screenshot of a conversation he had with one of the Twitter users, who goes by the name @WBSChairman and captioned it, “As promised.”
In March 2022, before Musk showcased his interest in buying Twitter, he randomly tweeted “What should be done?” And this particular user named @WBSChairman proposed Musk buy Twitter and change its iconic bird logo to a doge. “That would sickkk,” Musk responded.
Musk, who recently made headlines for the major layoff of Twitter employees, is a renowned fan of the Doge meme. Indeed, the billionaire promoted Dogecoin on the show “Saturday Night Live,” last year as well as on Twitter.
The value of Dogecoin skyrocketed to 30% just a few hours after Musk replaced the blue bird on his company’s logo with the head of an enigmatic-looking dog. As per CoinMarketCap.com, Dogecoin has a market cap of more than $13 billion and is the eighth-most valuable cryptocurrency.
In June 2022, a lawsuit was filed by the Southern District of New York in the US District Court alleging Musk of engaging in fraudulent business dealings by promoting Dogecoin. The lawsuit initially sought $258 billion in damages.
But, after the niche cryptocurrency dogecoin spiked over 30% following the crucial move made by Musk on Monday, Musk’s personal attorneys and attorneys for Twitter requested a federal judge to eliminate the lawsuit on March 31.
Among the number of allegations made against Musk, the plaintiffs also pointed to the incident when Musk played a fake financial expert at his hosting gig on Saturday Night Live, where he referred Dogecoin to as a “hustle.”
According to Musk’s attorneys, the lawsuit failed to showcase how Musk’s statements, particularly those in favor of Dogecoin, deceived others nor have they put forward an explanation as to what kinds of risks Musk is alleged to have concealed from the investors.
They also claimed in their filing that there was nothing unlawful in coming up with supportive tweets or jokes about a powerful and legitimate cryptocurrency that has a market cap of around $10 billion.
After inviting the attention of a federal judge to the loopholes made by the plaintiffs, Musk’s lawyers asked the court “to put a stop to the plaintiff’s fantasy” and further requested to dismiss the complaint made against Musk.
Must Check:- What Is The NAFO Twitter Meme? Who Are The NAFO Fellas?
He started touting dogecoin years ago. According to Musk’s lawyers, the comments he made about the coin were “often silly and innocuous.”
But as per the filling, the public endorsement he made goes further than social media messages. Moreover, the filing also highlighted two of Musk’s other companies, the Boring Company and Tesla.
In late 2021, Tesla announced it would deal with dogecoin for some business, and the announcement was continued with Musk’s tweet which said “see how it goes.” Following that tweet, Dogecoin rose around 20%.
Musk again showed up on Twitter to announce the live payments of dogecoin and indirectly caused the cryptocurrency to jump as much as 15%. Tesla, on the other hand, does merchandise with Bitcoin and has several other digital assets on its books. But still, Tesla accepts dogecoin as payment for selective merchandise.
On an earnings call conducted last year, Musk revealed that they still have dogecoin which they once bought or accepted as a form of payment and he further asserted that they still have them. Apart from Tesla, Musk personally has kept some dogecoin as he has previously hinted on it.
In a recent tweet, Musk was spotted responding to a photograph where he posed with the News Corp. Chairman Rupert Murdoch. He simply wrote, “Dogecoin.”
Read More:- Kabosu, The Dog Behind The #Doge Meme Still Lives With Her Owner Atsuko Sato
