A few days after the change of the logo of the popular microblogging network Twitter from the well-known bird to the popular dog symbolizing the DOGE meme-coin, everything returned to normal.
Twitter got its bird back and Dogecoin crashed.
The cardinal change of the logo took place on April 3rd. Musk jokingly promised some DOGE fan to replace the social network symbol and fulfilled his promise. The well-known bird, which for many years adorned the main page and menu of the site, has turned into a Shiba Inu dog, the symbol of the popular meme-coin.
In response to this radical rebranding of the social network, DOGE rose by 37%, exceeding the $0.1 mark.
However, Mask’s love is changeable. Within a few days he played enough and did everything as it was. As a result, the price of the mem-token decreased by more than 22%.
The jolly billionaire has never hidden his love for dog coin. The last time he ran a DOGE pump was right after he bought Twitter. Musk posted a picture dedicated to Halloween. It depicted a pumpkin, traditional for the day of all evil spirits, with a bird carved on it (Twitter logo) and a dog in a T-shirt with a bird, symbolizing DOGE.
Musk’s games with cryptocurrencies do not please cryptors too much. Last June, American Keith Johnson filed a $258 billion lawsuit against Elon Musk, as well as Tesla and SpaceX. He accused all three of manipulating the price of Dogecoin.
Johnson claimed to have lost money investing in Dogecoin. He demanded that Elon Musk reimburse him and other victims who have lost money trading or investing in DOGE since April 2019. The plaintiff demanded that the court ban the billionaire from promoting Dogecoin on social networks and other public channels. Johnson wanted $86 billion in damages, triple $172 billion in damages, and a ban on Musk and his companies from promoting Dogecoin and recognizing trading the token as gambling.
“Defendants falsely and deceptively claim that Dogecoin is a legitimate investment when the asset has no value,” the document filed in Manhattan federal court said.
Four days ago, Musk asked the court to dismiss the lawsuit (the amount there, by the way, turned out to be rather big – $ 258 billion). Lawyers for the billionaire said that the plaintiffs accusing Musk of promoting the mem-coin did not explain how he intended to deceive anyone and what risks he hid from investors.
“There is nothing illegal in writing words of support on social networks or posting funny pictures about a legitimate cryptocurrency, the market capitalization of which continues to be almost $10 billion. The court is obliged to put an end to the fantasies of the plaintiffs and dismiss the complaint,” Musk’s lawyers responded to the lawsuit.
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