Elon Musk is currently facing a $258 billion class-action federal lawsuit accusing him of engaging in a pyramid scheme for voicing his support for Dogecoin in several tweets.
This mobile phone app screen shot shows the logo for Dogecoin, in New York, Tuesday, April 20, 2021.
The price for cryptocurrency Dogecoin spiked by about 30% Monday after Twitter CEO Elon Musk changed the app logo from its blue bird to a Shiba Inu dog, a symbol often associated with the coin. Dogecoin, founded in 2013, has gained popularity in the last couple of years. There was a concerted movement to get the coin to $1, which has not yet happened. Shortly after 11 p.m. Monday, the coin was valued at about 1 cent.
The sudden logo change is a callback to when a Twitter user suggested Musk buy the company and change the logo."Just buy Twitter," one user said."And change the bird logo to a doge."On Monday, Musk posted a screenshot of the interaction and said,"As promised."He is currently facing a $258 billion class-action lawsuit in federal court, where he is accused of engaging in a pyramid scheme by promoting the cryptocurrency.
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