Dogecoin
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Dogecoin jumped 20% on Monday after Twitter users noticed the token’s Shiba Inu mascot on Twitter’s website.
Elon Musk, who’s regularly pumped the meme coin, also brushed off a lawsuit related to the token.
Musk’s lawyers defended his “silly” tweets about the coin, asking a judge to toss a $258 billion suit.
Dogecoin, the meme cryptocurrency that counts Elon Musk among its most famous supporters, soared 20% on Monday after the token’s Shiba Inu mascot replaced the bird logo on Twitter’s website. Meanwhile, Musk brushed off a lawsuit accusing him of running a pyramid scheme, with lawyers for the exec asking a judge to throw out the $258 billion case.
The price of Dogecoin surged to $.09 as of 2:30 pm ET, up about 19%.
The jump occurred as Twitter users noticed Dogecoin’s distinctive Shiba Inu logo had replaced the bird icon on Twitter’s website, per Decrypt’s report.
The surge behind the token’s price also comes a few days after Musk refuted claims from dogecoin investors alleging in a new lawsuit that Musk’s well-documented affinity for the meme token was part of a “pyramid scheme” to support the cryptocurrency.
Musk’s lawyers filed a request on Friday to dismiss the $258 billion suit, calling the claims brought forward a “fanciful work of fiction.” They added that Musk’s tweets about dogecoin, which include statements like “no highs, no lows, only Doge,” were merely “innocuous” and “silly” remarks from the tech mogul.
When Insider reached out to Twitter for comment regarding the logo change and the lawsuit, Twitter responded with a poop emoji, which Musk previously said was the new auto-response to any email sent to Twitter’s press team.
Musk has regularly tweeted about dogecoin for years, and first promoted it to his Twitter followers in 2019, when he said that the meme token was his “fav cryptocurrency.”
The coin’s valued peaked around $0.74 in mid-2021, but has since spiked periodically, often on comments from Musk. Dogecoin’s last big jump came late last year, with the crypto gaining around $10 billion in market value as Musk began his takeover of Twitter.