Elon Musk’s Shiba Inu Tweet Boosts Dogecoin by 30%

The value of dogecoin, a cryptocurrency with a niche following, experienced a significant increase of over 30% on Monday. The surge in value came after Elon Musk, CEO of Twitter, replaced the platform’s blue bird logo with an image of a shiba inu, the digital coin’s symbol. However, this increase in value is not the first instance of Musk’s influence on the cryptocurrency.

In 2022, Musk was accused of manipulating dogecoin’s value and causing a surge of over 36,000%. The case resulted in a lawsuit for $258 billion, which attorneys for Twitter and Musk recently requested to be thrown out. After the image of the shiba inu was added to Twitter’s website, Musk shared a meme about the change with his 133.5 million followers on Twitter. It is important to note that the shiba inu image only appeared for certain users of Twitter, such as those who accessed the platform through its website.

Musk changes Twitter logo to image of Shiba Inu

This recent event highlights the influence that Musk has on the world of cryptocurrency, and how his actions can impact the value of these digital assets. While some see this as a positive, others are concerned about the potential for manipulation and the unpredictable nature of the cryptocurrency market. Regardless, the incident serves as a reminder of the volatility of cryptocurrency and the importance of carefully considering investment decisions.

Elon Musk has been promoting dogecoin for several years and frequently tweets about the cryptocurrency, which was originally created as a joke in 2013. His tweets often lead to significant fluctuations in doge-coin’s value. Currently, dogecoin holds the eighth position among the most valuable cryptocurrencies, with a market capitalization exceeding $13 billion, according to CoinMarketCap.com.

In response to a lawsuit filed against Musk alleging that he manipulated dogecoin’s price, his attorneys stated in a court filing on Friday that his public statements about the cryptocurrency were “innocuous and often silly tweets.”

Musk’s endorsement of dogecoin goes beyond his social media messages. The lawsuit also named two of his other companies, Tesla and the Boring Company. This highlights the impact of Musk’s public statements on cryptocurrency, as well as the potential for legal repercussions.

In December 2021, Tesla made an announcement that it would start accepting dogecoin as payment for its merchandise. This news was accompanied by a tweet from Elon Musk stating that they would “see how it goes.” Following this tweet, dogecoin’s value increased by more than 20%. In January 2022, when Musk announced on Twitter that doge-coin payments were live, the cryptocurrency’s value jumped by as much as 15%.

Tesla holds digital assets, including bitcoin, on its balance sheet, and it still accepts dogecoin as payment for its merchandise. During an earnings call last year, Musk confirmed that they had not sold any of their dogecoin and that they still have it.

This development shows the growing influence of dogecoin and other cryptocurrencies in the business world, as more companies begin to accept them as a form of payment. It also highlights the impact that Musk’s tweets and announcements have on the value of these digital assets, and the potential for businesses to profit from their acceptance of cryptocurrency.

Musk has indicated that he personally holds dogecoin as well. In a recent tweet, responding to a photograph of himself next to News Corp. Chairman Rupert Murdoch, Musk simply wrote: “Dogecoin.”

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