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Twitter replaces logo with memecoin

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Anyone who opened their Twitter this morning was suddenly stared at by Kabosu, perhaps the most famous Shiba Inu on the internet. Elon Musk has replaced Twitter’s logo with Dogecoin’s. The course of the memecoin then pumped by almost 30 percent and is trending on the side. The whole world is wondering: what’s the point?

Musk keeps his statements covered. For this he posted a funny meme. A policeman controls a butterfly with a doge’s head. The Twitter logo is still on his ID card. The caption: “This is an old photo.” The suggestion to go ahead with the action came on March 28th from a user named Chairman: “Buy Twitter. And change the logo to Doge.” Elon Musk replied: “As promised”.

A request from Quartz to the communications department of Twitter was acknowledged with a smiling poop emoji. There could be more behind it: Elon Musik wants to turn the platform into a payment service. Dogecoin is also repeatedly traded on the Internet as a possible currency. As early as January 2023, whales started accumulating the coin in large quantities.

The billionaire is known for his memecoin games: in recent years he has repeatedly attracted attention with hype tweets: “Dogecoin Rulz” or “no ups, no downs, just Doge”. In 2021, he even recommended investing in Doge on Saturday Night Live. A year later he proclaimed on Twitter: He eats a Happy Meal on TV if McDonalds accepts Doge for it.

Dogecoin pumped 36,000 percent

Because of these and other actions, Elon Musik is also on trial. Investors complain that he artificially boosted Doge’s price by more than 36,000 percent, only to then crash it. His attorney disagrees: “There is nothing wrong with tweeting words of support or funny pictures about a legitimate cryptocurrency that continues to have a market cap of nearly $10 billion.”

Because of its low transaction costs and high speed, Dogecoin is considered by many to be “Bitcoin for microtransactions”. The project actually started in 2013 as a joke. Five billion new coins are generated every year, which leads to violent inflation of the supply in the long term. Twitter has lost half its value since Musk’s takeover and is now valued at around 20USD billion. Not much more than Doge.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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