Twitter's New Homepage Logo Looks Very Doge- Why?

Twitter's New Homepage Logo Looks Very Doge- Why?

Rachel| Reading time: 2 mins 51 secs

The popular social media platform Twitter has once again sparked controversy, this time for using the meme of a Shiba Inu dog, known as Doge, as its homepage icon. Some speculate that this move is Elon Musk’s idea of a belated April Fools’ joke, while others wonder if it indicates something more significant. This is particularly noteworthy given the recent backlash against Twitter’s decision to remove legacy blue checkmarks from verified accounts that do not pay for Twitter Blue.

The price of Dogecoin, a cryptocurrency heavily promoted by Musk, has risen, though it remains lower than its peak in May 2021. Musk is currently facing a $258 million lawsuit alleging that he ran a pyramid scheme to promote Dogecoin. His lawyers have argued that his tweets were jokes in the past, and they recently made a filing with Manhattan’s federal court reiterating this point.

Despite Musk’s claims that his memes and tweets do not impact cryptocurrency prices, some believe that his actions indicate otherwise. Some have even suggested that Musk might be attempting a quick pump-and-dump scheme to earn more money than he would through selling Twitter Blue subscriptions. As of now, it is unclear what the ultimate implications of this situation might be for Musk, Dogecoin, or Twitter

Yet, Elon Musk is known for being a prominent supporter of cryptocurrency, particularly Dogecoin. Therefore, changing his Twitter profile picture to the Dogecoin logo could be seen as a way to boost interest in the cryptocurrency and potentially drive up its value. However, it’s important to note that cryptocurrency values can be highly volatile, and no one person or entity can guarantee or control their value.

On the other hand, some critics may argue that Elon Musk’s actions could be seen as a form of market manipulation. The Securities and Exchange Commission (SEC) has previously investigated Musk’s tweets regarding Tesla, and the agency has stated that public statements by company executives can impact the stock market. Similarly, some argue that Musk’s social media activity around Dogecoin could influence its value in ways that are not entirely ethical or legal.

Ultimately, the impact of Elon Musk’s Twitter profile picture change on Dogecoin is difficult to quantify, and it is up to individuals to form their own opinions on the matter. It’s important to remember that cryptocurrency investment comes with significant risks, and investors should always do their own research and exercise caution.