- The change has happened barely five months since Elon Musk acquired Twitter in a US$44 billion deal.
- Elon Musk has supported the Meme Coin Dogecoin for a long time. The most significant endorsement has been the acceptance of Dogecoin as a mode of payment in the Tesla Merchandise store and SpaceX.
- Elon Musk has been accused of running a US$258 billion Dogecoin pyramid scheme
- The Twitter purchase and the long-lasting crypto and stocks market winter have led to the dethroning of Elon Musk as the richest man in the world
This week has started on a high for crypto meme coins after Elon Musk changed the Twitter logo from the Blue Bird to the Doge Dog. The Twitter boss, the lord of controversy, has yet again stamped his influence on the cryptocurrency market, as Dogecoin has pumped by 31 per cent since the announcement.
The change has happened barely five months since Elon Musk acquired Twitter in a US$44 billion deal. In a post, Musk had hinted at the possibility of buying Twitter and changing its icon to that of the Doge Dog on March 26, 2022.
Elon Musk proves consistency with Dogecoin.
Elon Musk has supported the Meme Coin Dogecoin for a long time. The most significant endorsement has been the acceptance of Dogecoin as a mode of payment in the Tesla Merchandise store and SpaceX.
In recent news, Musk says that Doge might feature as a payment option on Twitter. The social media platform is applying for regulatory licenses and redesigning software to introduce a payment system.
Additionally, the billionaire has been accused of running a US$258 billion Dogecoin pyramid scheme. The lawsuit alleges that Elon Musk, the Tesla Merchandise store and the Dogecoin management committed fraud by promoting the meme cryptocurrency.
Read: Elon Musk’s tight grip on crypto volatility
They claim that it has been Musk’s way of making money. How? He buys the Doge, tweets about its value for people to buy and sells it once the price rises. This trend creates pump and dump sequence, what the accusers term as a Dogecoin pyramid scheme.
However, Musk’s lawyers have dismissed the claims saying that tweeting about a legitimate cryptocurrency with a market capitalization of over US$13 billion cannot be unlawful.
2023 has started wrongly for Elon Musk, with him losing his grip on the “richest man in the world” title.
Musk falls to second place in the 2023 Forbes Billionaires list.
The Twitter purchase and the long-lasting crypto and stocks market winter have led to the dethroning of Elon Musk as the richest individual in the 2023 Forbes Billionaires list. He now falls second after Bernard Arnault & family (US$221 million) with a US$180 billion worth. Tesla stocks have fallen by nearly 50 per cent after Musk sold US$23 billion worth of shares to purchase the social media platform.
Dogecoin and other meme coins pump
Meme coins have all had a good run. They had a market capitalization of US$21.93 billion time of writing. The top five meme coins in the last 24 hours include Dogecoin (+26.1%), Shiba Inu (+5.7%), FLOKI (+11.8%), Dogelon Mars (+8.1%) and Dejitaru Tsuka (+4.3%).
The cryptocurrency community is torn between believing whether the logo change is actual or a long April Fools Day joke. Many other coins with the name Dogecoin have come up. As always, scammers are trying to hop on the Musk trend.
It is still unclear whether Musk will make Dogecoin a payment option on Twitter. However, the very thought of it is causing waves in the price of the meme coin. With the anticipation around Musk’s Tweets, the billionaire has surpassed Barack Obama as the most followed individual on Twitter. He has over 133.8 million followers.