Dogecoin grew by more than 20% after Twitter logo changed to Dogecoin symbol

The Dogecoin cryptocurrency has once again risen in value thanks to the actions of Elon Musk. On the evening of April 3, the famous blue bird on Twitter was changed to the DOGE token symbol, which caused a spike in the meme cryptocurrency’s value.

Many members of the crypto community took this update as a hint of DOGE’s integration into Twitter. Rumors that Elon Musk would try to add transfers from DOGE to the social network have been circulating since the businessman acquired the platform. However, in early December 2022, information about the platform’s plans to launch its own cryptocurrency, Twitter Coin, appeared online.

No official comments were published by the Twitter team. On his profile, Musk posted a number of tweets related to the update, which, as is often the case, were not understood by many. Some users suggested that the logo change was a belated April Fools' Day joke.

Lookonchain analysts have recorded an increase in the activity of Dogecoin whales amid the rise in the coin’s value. Crypto community members suggested that Elon Musk was one of the major DOGE investors whose actions were recorded by the researchers. If he wanted, the businessman could easily make money on changing the logo, because any actions he takes to promote Dogecoin always cause the coin to grow. Journalist Judd Legum suggested that Elon Musk is making money on pump and dump schemes based on DOGE.

Just a few days ago, Dogecoin quotes fell by more than 8% due to a lawsuit filed by DOGE investors against Elon Musk, in which he is accused of creating a pyramid scheme by supporting the Dogecoin cryptocurrency. At the end of last week, the billionaire asked a US court to dismiss the $ 258 billion lawsuit.

Elon Musk’s lawyers called the Dogecoin investors' lawsuit a «fiction» due to Musk’s «harmless and often humorous tweets» about the cryptocurrency. «There is nothing illegal about tweeting words of support or posting funny pictures about a legitimate cryptocurrency that still has a market capitalization of almost $ 10 billion,» Musk’s lawyers said.