Elon Musk, the renowned CEO of Tesla and SpaceX, has been an avid supporter of Dogecoin for quite some time now. He has been known to tweet in support of the meme-inspired cryptocurrency, which has resulted in an increase in its popularity and value. His tweets have brought much-needed attention to Dogecoin, which was once considered a joke but is now considered a legitimate player in the cryptocurrency world.
Musk’s tweets about Dogecoin have been a breath of fresh air in the often stuffy and serious world of cryptocurrency. He has brought a fun and playful element to the market, which has helped to attract a younger audience. His tweets have also been a catalyst for growth, with Dogecoin’s value increasing significantly after he tweets about it.
Furthermore, Musk has shown that he is not just all talk when it comes to Dogecoin. His company, SpaceX, announced that it would launch the DOGE-1 mission to the moon in 2022. This move is significant as it shows that Dogecoin is not just a joke, but a legitimate cryptocurrency with real-world applications.
And today (April 3rd 2023) in a surprising move, Twitter changed its profile picture, displaying the image of a Shiba Inu (DOGE), the most popular meme token (Dogecoin). Just two days earlier, Twitter and Tesla CEO Elon Musk had filed a motion to dismiss the $258 billion lawsuit alleging that he had fueled the price of DOGE through a pyramid scheme.
Speculation around the reason for Twitter’s logo change has been rampant. Musk tweeted a screenshot of a conversation with the WSB Chairman, a noted stock trader, in which he asked about the need for a new micro-blogging platform that could compete with Twitter. The WSB Chairman suggested changing the Twitter bird logo to Dogecoin. Musk captioned his tweet “as promised,” leading some to believe that this was a prank, albeit a delayed one.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Regardless of the reason, the change in Twitter’s logo had a significant impact on DOGE’s value. The memecoin’s native token saw a surge of almost 25%, bringing it close to the $0.1 mark. DOGE also surpassed Polygon (MATIC) in market cap to claim the eighth spot on DogeNew’s crypto market tracker — WOW MUCH!!
In conclusion, Elon Musk’s support of Dogecoin has helped to bring it into the mainstream and has given it legitimacy in the eyes of many. His tweets and actions have been a positive force in the cryptocurrency world, bringing in a new audience and spurring growth. We can only hope that his continued support of Dogecoin will help to bring about more innovative and exciting developments in the future.