Musk chooses the dog "Dogecoin" as a new logo for Twitter and raises the price of the cryptocurrency

The price of " Dogecoin " rose on Tuesday after the owner of Twitter , Elon Musk , chose the shape of a dog similar to the symbol of this cryptocurrency as the new logo for the social network, after the billionaire faced lawsuits over the promotion of this digital product.

The decision taken by Elon Musk to change the blue bird, the logo of the network since its founding in 2006, whether it was permanent or a joke that would not last long, led to a rise in the price of the “Dogecoin” currency by 21%, to nearly 10 cents, according to “ Coin Market Cap".

The Tesla boss, who bought Twitter last October, has long used the platform for self-promotion and to post satirical content, sometimes in favor of Dogecoin, a highly volatile cryptocurrency that was originally launched as a joke.

The billionaire has indicated in the past that part of his wealth consists of Bitcoin. He also raised the idea of using Dogecoin for online payments, which sparked speculation about his vision to make Twitter a multifunctional platform, similar to the Chinese WeChat that provides various services.

An investor who lost his money betting on Dogecoin filed a lawsuit in June 2022, in which Elon Musk and his companies, Tesla and SpaceX, demanded payment of $ 258 billion, but the billionaire denied these allegations.

In a legal document added to the file on Friday, Musk's lawyers described the lawsuits as "fictional narratives." "It is not illegal to tweet with the aim of encouraging or posting funny pictures about a legitimate cryptocurrency," they said.

Changing the Twitter logo prompted many users to publish messages in which they used the dog's logo, especially from Elon Musk himself.

Musk posted to his 133 million followers a conversation with a user that took place last year, in which he promised to buy Twitter and use the Shiba Inu as its logo.

Dogecoin was launched in 2013, in an initiative aimed at mocking two phenomena on the Internet: cryptocurrencies, which multiplied in the wake of the Bitcoin boom, and the many combinations in which the image of the Shiba Inu dog was used across the network.

Supported by a frantic buying wave due to an unexpected rise in value at the beginning of 2021, in addition to Elon Musk's multiple positive messages on Twitter, the price of "Dogecoin" rose to more than 70 cents in May 2021.

During a satirical program, the billionaire sent out mixed messages, first describing Dogecoin as an "unstoppable financial vehicle destined to take over the world" before deeming it a "scam". At that time, the price of this digital currency began to decline.