There’s been an uproar these days over Twitter and the suspension of the blue tick for certain verified accounts, but the distraction of the “Elon Musk brand” has shifted the discussion to other things. In many sections of the site, the famous blue bird logo has been replaced with the Dogecoin cryptocurrency symbol.
The Dogecoin cryptocurrency was created in 2013 and depicts the Japanese Shiba Inu hunting dog. Elon Musk also published a “meme” in which a dog shows an ID to a police officer.
The price of Dogecoin rose by 30% after Elon Musk’s promotion. However, the price of the cryptocurrency is only 10 cents, well below the 2021 high of 64 cents.
Elon Musk has made many changes at Twitter since he took over the network: he has decided to lay off thousands of employees, changed the account verification system, and many departments are struggling to function because they no longer have enough people.
An internal memo, which sources told the press, indicated that Twitter’s value would fall from more than $40 billion to $20 billion in a few months.
The relationship between Elon Musk and Dogecoin is murky. In June 2022, Musk was sued for $258 billion by a Dogecoin investor who accused him of running a pyramid scheme to support the cryptocurrency.
A plaintiff named Keith Johnson accused Musk of fraud because he allegedly promoted Dogecoin and inflated the price of the cryptocurrency, only to then allow the price to fall.
Photo source: Dreamstime.com
Source: Hot News
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.