As Elon Musk uses Shiba Inu Doge as his Twitter logo, the price of Dogecoin rises. Are meme cryptocurrencies the next to explode?

Users of Twitter have recently learned that the Twitter bird emblem has been changed with a cartoon image of the well-known Shiba Inu Doge. The massive social networking site Twitter updated its logo to the meme currency Dogecoin on April 3. As a result of these modifications, the price of Dogecoin has soared by 19.35%. According to trade view statistics, Dogecoin’s price was 0.09427 at the time of publication.

Elon Musk, the CEO of the platform and Tesla, reportedly sought a US judge two days earlier to throw out an investor lawsuit seeking $258 billion. According to the lawsuit, a pyramid scheme was used to advertise Dogecoin. The CEO’s lawyers contended that the « funny pictures » and tweeting encouragement do not constitute a fraud allegation.

Notably, Musk has pledged to integrate cryptocurrencies more since taking over as CEO of the Twitter site. He has also promoted Dogecoin, with his tweets regularly having an effect on the cryptocurrency’s price. He tweeted a Shiba Inu that resembled the Dogecoin mascot in February 2021, which caused the market capitalization to rise by $500 million. Despite this, Dogecoin’s value has increased with each supportive tweet from the CEO.

Dogecoin’s history

Musk tweeted a meme not long after the abrupt adjustments, which would suggest that the meme will endure for some time.

The CEO and the admin of the well-known r/WallstreetBets SubReddit previously discussed Dogecoin on the Twitter network. The Chairman of the WSB stated: “just buy Twitter and change the bird logo to a doge.

The CEO chuckled and said, « That would be sickkk », in response. But based on his most recent tweet, it appears it was a promise that he kept.

However, the Dogecoin account couldn’t help but react to the hyped-up rumor spreading on social media. As stated by Dogecoin: “Very Currency. Wow. Much Coin. How Money. So Crypto. 

But throughout the year 2021, Musk marketed the DOGE under the phrases « Dogecoin is the father of crypto » and « Musk is the Dogefather. » Additionally, he bragged in 2021 that the Tesla Corporation will allow customers to use Doge to pay for various goods.

Changes to the logo and how the public responded

The concept put out by Elon Musk to replace the Twitter bird emblem with DOGE has sparked comments from a range of figures in the cryptocurrency community. One of them is Coin Bureau, which has criticized Musk for troll-ing DOGE.

Other traders, though, appear to be unhappy with Musk’s choice to alter the emblem. A trader who goes under an alias and is thought to be a supporter of Bitcoin called the CEO’s action « promoter degenerating a get rich quick crap » on Twitter.

Musk does not against Bitcoin, it should be noted. He counters that DOGE is more suitable for daily transactions than BTC. This is as a result of its higher throughput for base-layer transactions.

Love Hate Inu

While Love Hate Inu, the most recent web3 startup vote-to-earn (V2E) meme currency, continues to do well in the presale. The start-up is creating a social polling platform with a canine theme that will be supported by cryptocurrency and let people talk and vote on the most contentious topic in the world. For stage 3 of their eight-stage presale, the Love Hate Inu ($LHNU) team has currently raised $2.6 million.

Since opening its Twitter account in February, the blockchain-based network has grown in popularity, amassing 32.7K followers. In addition to being famous on other social media networks, Love Hate Inu is building the first V2E in the online community.

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