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Mahmoud Bennett

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Twitter adopts Doge meme logo as Musk seeks to end $258B Dogecoin lawsuit

Apr 04, 2023

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Mahmoud Bennett

Social Media Producer/Reporter

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Twitter’s official logo was taken over by a familiar face the week of April 2 after Elon Musk converted the platform’s signature blue bird to a Shiba Inu dog on its desktop site front page. The dog has been a symbol often linked to the cryptocurrency Dogecoin, and the change of logo briefly saw the digital coin soar about 30% Monday, April 3.

In a tweet, Musk shared an old photo, writing he made the move “as promised.”

Meanwhile, as Musk continues having fun with his meme-worthy antics, he is also asking a judge to end a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin, as reported by Reuters.

Pointing to a “Saturday Night Live” appearance and some past tweets, investors accuse Musk of deliberately driving up Dogecoin’s price some 36,000% and then letting it crash. They said this generated billions of dollars of profit at other Dogecoin investors’ expense, even as Musk knew the currency lacked intrinsic value. The $258 billion damages figure is triple the estimated decline in Dogecoin’s market value in the 13 months before the lawsuit was filed.

But Musk’s lawyers branded the lawsuit a “fanciful work of fiction” over Musk’s “innocuous and often silly tweets” about Dogecoin. They have asked the judge to throw out the case, arguing there’s nothing unlawful about tweeting words of support or funny pictures about a legitimate cryptocurrency with a nearly $10 billion market cap.

The lawyers said the investors never explained how Musk intended to defraud anyone or what risks he concealed, and that his statements such as “Dogecoin Rulz” and “no highs, no lows, only Doge” were too vague to support a fraud claim, per Reuters.

At its peak in May of 2021, the price of Dogecoin soared to a record of about 74 cents a coin, according to Forbes. The digital coin is now tracking steady at around 10 cents as of this report.

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TWITTER’S OFFICIAL LOGO WAS TAKEN OVER BY A FAMILIAR FACE THIS WEEK AFTER ELON MUSK CONVERTED THE BLUE BIRD TO A SHIBA INU DOG

OF COURSE, THIS DOG IS OFTEN LINKED TO THE CRYPTOCURRENCY DOGECOIN – AND THAT CHANGE OF LOGO BRIEFLY SENT THE DIGITAL COIN SOARING 30%

IN A TWEET ELON MUSK SHARED THIS OLD PHOTO WRITING HE MADE THE MOVE AS PREVIOUSLY PROMISED

MEANWHILE AS HE CONTINUES HAVING FUN WITH HIS MEME WORTHY ANTICS – MUSK IS SEEKING THE END TO A 258 BILLION DOLLAR RACKETEERING LAWSUIT OVER DOGECOIN

POINTING TO AN SNL APPEARANCE AND SOME PAST TWEETS INVESTORS ACCUSE MUSK OF DELIBERATELY DRIVING UP DOGECOIN’S PRICE SOME 36,000% AND THEN LETTING IT CRASH

THEY SAY THAT GENERATED BILLIONS OF DOLLARS OF PROFIT FOR SOME INVESTORS AT THE EXPENSE OF OTHERS – ALLEGING MUSK KNEW THE CURRENCY LACKED ANY REAL VALUE

BUT MUSK’S LAWYERS CALL THAT FICTION — NOW ASKING THE JUDGE TO THROW OUT THE CASE, ARGUING THERE’S NOTHING UNLAWFUL ABOUT TWEETING WORDS OF SUPPORT OR FUNNY PICTURES ABOUT A LEGIT CRYPTOCURRENCY WITH A NEARLY $10 BILLION MARKET CAP

FOR CONTEXT AT ITS PEAK IN 2021 THE PRICE OF DOGECOIN SOARED TO ABOUT 74 CENTS A COIN – IT’S NOW TRACKING STEADY AT AROUND 10 CENTS AS OF THIS REPORT

I’M MAHMOUD BENNETT – FOR MORE STORIES LIKE THIS CHECK OUT STRAIGHT ARROW NEWS . COM – UNBIASED STRAIGHT FACTS