Dogecoin Price Drops as Elon Musk Returns Twitter Logo

24 April 17:47

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![](https://gimg2.gateimg.com/blog/1679447253155655279redian.jpeg)
## [TL; DR]
When Twitter’s logo was changed to the <a href="/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a> dog image its price increased by 30%.

When Twitter’s logo reverted to the iconic blue bird its price fell by close to 10%.

Elon Musk is being sued for $258 billion for allegedly running a pyramid scheme to help <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>.

## Introduction 
Most people take cryptocurrencies as speculative assets due to the possibility of huge fluctuations in their values.   Simple things may affect the price of cryptocurrencies. Recently, Twitter’s adoption of the <a href="/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a> Dog image as its logo resulted in a rise in the value of the <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>.

## <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> gained by 30% after change of Twitter Logo 
The price of <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> spiked by 30% on 3 April after Twitter adopted the <a href="/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a> Dog image as its logo. In fact, the price of <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> increased by 30% within thirty minutes following the [change of Twitter’s logo](https://www.gate.io/blog_detail/2412/daily-news-world-bank-warns-of-lost-decade-for-global-economy-as-doge-rallies-over-30-after-musk-changes-twitters-home-page-logo "change of Twitter’s logo"). As such, its value increased to more than $0.10, crossing above the December 2022 threshold. At the same time, its worth grew by around 20%.

Read also: [Elon Musk's post raises environmental concerns over Bitcoin](https://www.gate.io/zh-tw/blog_detail/18/elon-musk-s-post-raises-environmental-concerns-over-bitcoin.-gatechain-is-trying-to-change-that. "Elon Musk's post raises environmental concerns over Bitcoin")

Twitter did not provide the reasons behind the change of its logo. In addition, Elon Musk did not comment on the change of the logo, something the community had expected from him. However, Musk later posted a tweet of a Shibu Inu dog image showing an ID photo of the Twitter Bird to a police officer accompanied by the words, “That’s an old photo.”

However, the opposite was true. When Twitter reverted to its iconic blue bird logo, the value of <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> fell by over 10%, plummeting to around $0.08.

For a long time, Musk was a strong advocate of <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>. In fact, Musk is one of the most influential personalities in the crypto sector as his comments can influence the prices of various cryptocurrencies including <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> and <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>.

![](https://gimg2.gateimg.com/image/article/16823293501371682327749_.pic_hd.jpg)
<a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>- Cryptostars

When Twitter replaced its iconic blue bird logo by the image of the <a href="/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a> dog many crypto fans interpreted it differently. A few of them believed that the change of the logo was Twitter’s 1 April prank while others thought it was a signal that it was going to integrate <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> as one of its payment system cryptocurrency.

Musk’s love for <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> is unquestionable as he previously stated that he only holds three cryptocurrencies namely ETH, BTC and <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>. In 2021 Musk openly said that <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> was the “currency of the people” and his “favorite cryptocurrency.”

Read also: [Dogecoin (DOGE) Price Prediction 2023-2030](https://www.gate.io/price-prediction/dogecoin-doge "Dogecoin (DOGE) <a href="/price-prediction" target="_blank" class="blog_inner_link">price prediction</a> 2023-2030")

## Elon Musk sued for $258 billion 
Twitter’s change of logo came a few days after Musk took legal action to dismiss the $258 billion lawsuit where he is being accused of running a pyramid scheme to help <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>. The lawsuit claims that Musk was part of a group of people that [manipulated the price of Dogecoin to increase by 36,000% two years ago](https://www.gate.io/blog_detail/1325/elon-musk-is-accused-of-manipulating-dogecoin "manipulated the price of Dogecoin to increase by 36,000% two years ago").

In fact, The Manhattan Federal Court accuses Musk, SpaceX, Tesla and The Boring Company, among others of such price manipulation. The complainants believe that Musk’s companies benefit from the rise in the value of <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>. They claim that Musk hyped the <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a>, knowing that the memecoin had no intrinsic value.

Incidentally, the memecoin lost it’s upwards momentum when Musk, during a Saturday Night Live (SNL), said that <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> was a “hustle.” While it is clear that the price momentum of <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> slackened following Musk’s Saturday Night Live, it may be difficult to prove that Musk benefitted from the fall in its price.

![](https://gimg2.gateimg.com/image/article/16823294491381682327760_.pic.jpg)
Elon Musk twitter CEO - Foxbusiness

The fact that Musk has insisted that he had never sold <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> may prove that he did not benefit from the change in its price momentum. Also, prior to the Saturday Night Live show Musk made it clear that investors should not invest their life savings in cryptocurrencies.

He said, “First of all, I think people should not invest their life savings in cryptocurrency. To be clear, I think that’s unwise. But if you want to sort of speculate and maybe have some fun, there is a good chance that crypto is the future currency of Earth.”

Already, Musk’s legal defense counsel has filed a motion to dismiss the lawsuit on several grounds. For example, the team has said, “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency.”

The lawyers have argued that the plaintiffs have failed to explain how Musk has defrauded the investors. They also say that Musk’s comments such as “<a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> Rulz” and “no highs, no lows, only Doge, are very ambiguous to support a fraud claim.

## Elon Musk becomes CEO of Twitter
Musk [became the new CEO of Twitter](https://www.gate.io/blog_detail/953/%E6%B5%85%E6%9E%90%E5%9F%83%E9%9A%86-%E9%A9%AC%E6%96%AF%E5%85%8B%E6%8F%90%E8%AE%AE%E6%94%B6%E8%B4%ADtwitter%E5%8F%AF%E8%83%BD%E4%BC%9A%E5%AF%B9%E5%8A%A0%E5%AF%86%E5%B8%82%E5%9C%BA%E4%BA%A7%E7%94%9F%E7%9A%84%E5%BD%B1%E5%93%8D "became the new CEO of Twitter") in November 2022 after acquiring the social media platform for $44 billion dollars.

According to Reuters, Musk declared that he had fired the Twitter board before he became the new CEO.  He said, "The following persons, who were directors of Twitter prior to the effective time of the merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou."

A short time after saying the above, Musk posted on Twitter that it is “just temporary,” meaning that he could become the CEO for a short period. However, from 1 November 2022, Musk has been making decisions on the running of Twitter.

## <a href="/how-to-buy/dogecoin-doge" target="_blank" class="blog_inner_link">how to buy Dogecoin</a> on Gate.io?
You can [buy Dogecoin tokens at Gate.io](https://www.gate.io/blog_detail/302/how-to-buy-dogecoin-on-gate.io-buy-dogecoin "buy Dogecoin tokens at Gate.io") by following a few steps. The first step is to create and verify your Gate.io account. The next step is to fund your account using any of the major cryptocurrencies like <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>, USDT or ETH.

You can purchase these major cryptocurrencies using a bank transfer or a credit card. Once you have any of these cryptocurrencies in your account you go to the <a href="/how-to-buy/huobi-ht" target="_blank" class="blog_inner_link">how to buy ht</a> and select the suitable pair such as USDT/<a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> as indicated below.

![](https://gimg2.gateimg.com/image/article/16823295981391682327775_.pic.jpg)

Once you click on that pair, USDT/Doge, a new window will open that allows you to input the amount of <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> you want to buy.

![](https://gimg2.gateimg.com/image/article/16823296171401682327795_.pic.jpg)

Once you have input the amount of the <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> you want to purchase click on “<a href="/how-to-buy/dogecoin-doge" target="_blank" class="blog_inner_link">buy doge</a>.” After that you will need to confirm the transaction.

## Conclusion
The price of <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> responded to changes in Twitter’s logo. When Twitter changed its logo to the <a href="/price/shiba-inu-shib" target="_blank" class="blog_inner_link">Shiba Inu</a> Dog image its price increased by over 30%. However, when Twitter reverted its log to the original Twitter bird the price of <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> fell by 10%.

<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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TL；DR

Introduction

Dogecoin gained by 30% after change of Twitter Logo

Elon Musk sued for $258 billion

Elon Musk becomes CEO of Twitter

How to buy Dogecoin on Gate.io?

Conclusion

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