Dogecoin's sharp rally fades after brief burst of enthusiasm around Twitter's new Shiba Inu logo
on Tuesday after the social media platform's famed bird logo was replaced with the token's mascot.
Twitter owner Elon Musk, whose public comments regularly change the token's price, has been touting dogecoin for years. In the past, the Tesla exec suggested the crypto, which was created as a joke, may offer better payments functionality than bitcoin. The price surge also follows a request from Musk's lawyers to throw out a
, that accused him of manipulating dogecoin's price and hiking it over 36,000%. Attorneys for the billionaire are calling these claims a"fanciful work of fiction," according to court filings.
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