Elon Musk's recent move of replacing Twitter's bird symbol with the #DOGE #SHIBAINU dog has resulted in a significant surge of over 30% in the cryptocurrency's price. Musk's lawyers had recently requested a federal judge to dismiss the $258 billion lawsuit against him that accuses him of manipulating Dogecoin's price and inflating it by 36,000%. The lawsuit had also named Tesla, Twitter, and the Boring Company as co-defendants.
Musk's tweets have been known to influence Dogecoin's price, with most of his comments causing significant fluctuations. Dogecoin, which started as a joke coin in 2013, is now the eighth most valuable cryptocurrency with a market cap of around $13 billion. While the lawsuit against #ELONMUSK claims his comments on Dogecoin were manipulative, his lawyers have defended them as "innocuous and often silly."
Musk's recent move to replace Twitter's bird symbol with Dogecoin's shiba inu dog has not only caused a surge in the cryptocurrency's price but has also sparked memes and celebrations on social media. Dogecoin's official Twitter account also posted a meme to mark the occasion. The move by Musk is daring, considering the ongoing lawsuit against him, but it is another example of his influence on the cryptocurrency market.