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Dogecoin up 30% as Mascot Replaces Twitter Logo, Musk Seeks $258B Lawsuit Dismissal

Picture Source: Internet

The value of Dogecoin saw a significant increase of more than 30% on April 4. This surge was attributed to Twitter CEO Elon Musk replacing the social media platform’s iconic blue bird logo with an image of a Shiba Inu, the digital currency mascot. The long-running relationship between Elon Musk and Dogecoin is represented using the Dogecoin mascot on Twitter.

When logging into the platform, Twitter visitors were greeted with a Shiba Inu logo instead of the Twitter bird logo. Within an hour, Dogecoin’s price had increased over 20% to around $0.092, its highest price in over a month. The price continued to rise and currently sits at about $0.097.

This came after Musk and attorneys for Twitter asked a federal judge to dismiss a 2022 $258 billion lawsuit on Friday. The filing accused Musk of manipulating Dogecoin’s price, driving it up over 36,000%, and then letting it crash.

Lawyers for Musk and Tesla claimed that his tweets about Dogecoin were too vague to support a fraud claim and rejected the investors’ claim that Dogecoin qualified as a security. The investors’ lawyer said they were “more confident than ever that our case will be successful.” Musk’s lawyers described his public statements about the coin as “innocuous and often silly tweets.”

Musk has a history of touting Dogecoin and periodically tweets about the token, created as a joke in 2013, causing predictable volatility each time. Musk has also indicated that he personally holds Dogecoin. Two of Musk’s other companies, Tesla and the Boring Company, are named in the lawsuit.

In December 2021, Tesla announced it would accept Dogecoin for some merchandise. At the time, Musk said on Twitter that Tesla would “see how it goes.” Dogecoin rose more than 20% following that tweet.

In January 2022, Elon Musk tweeted that Dogecoin payments were now available, causing the cryptocurrency to surge by up to 15%. As a company, Tesla has invested in digital assets, such as bitcoin, and continues to accept Dogecoin as payment for certain merchandise. In a previous earnings call, Musk mentioned that they had not sold any Dogecoin holdings.

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