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- Dogecoin rose 20% Monday after Twitter users saw the token's Shiba Inu Mascot on Twitter's site.
- Elon Musk, who has repeatedly pumped the meme currency, also dismissed a lawsuit regarding the token.
- Musk's lawyers asked a judge for a $258 billion judgment to throw out his tweets.
Dogecoin, a meme cryptocurrency that includes Elon Musk as one of its most prominent supporters, rose 20% Monday after the token’s Shiba Iu mascot replaced Twitter's bird logo. Musk ignored a lawsuit that accused him of running a pyramid scheme. Lawyers for Musk asked a judge not to dismiss the $258 billion case.
Dogecoin's price jumped to $.09 at 2:30 ET (up about 19%)
According to Decrypt's report, the jump happened when Twitter users saw Dogecoin’s Shiba Inu logo replacing the bird icon on Twitter's site.
The token's price surge also occurs a few days following Musk's refutation of claims by dogecoin investors alleging that Musk's well-documented affinity to the meme token was part a "pyramid Scheme" to support cryptocurrency.
Musk's lawyers requested that the suit against him be dismissed on Friday. They called the claims made against him a "fanciful piece of fiction". Musk's tweets regarding dogecoin, including statements like "no highs or lows, only dogse", were simply "innocuous" comments and "silly" from the tech mogul.
Insider reached out Twitter to get comment on the logo change and lawsuit. Twitter replied with a poop emoticon, which Musk had previously stated was the new auto-response for any email sent to Twitter’s press team.
Musk has been tweeting about dogecoin since years and promoted it to his followers on Twitter in 2019. He said that the meme token was "his favorite cryptocurrency".
In mid-2021, the coin's value peaked at $0.74, but it has been increasing periodically due to Musk's comments. The last major jump in Dogecoin's market value was late last year when the cryptocurrency gained around $10 billion as Musk took over Twitter.
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By: jsor@insider.com (Jennifer Sor)
Title: Dogecoin soars 20% after the token’s Shiba Inu mascot replaces Twitter’s bird logo
Sourced From: markets.businessinsider.com/news/currencies/dogecoin-price-elon-musk-crypto-twitter-logo-lawsuit-meme-token-2023-4
Published Date: Mon, 03 Apr 2023 20:14:55 +0000
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