After Twitter owner Elon Musk replaced the social media platform’s ‘blue bird’ logo with Dogecoin’s famous Doge overnight, the shares of crypto-currency Dogecoin went up by 30 percent, and its price increased from 6.32 lakh rupees to 8.30 lakh rupees, and the volume of the crypto hiked 1000 times, after which its valuation reached 13 billion dollars or 1.06 lakh crore rupees. As per market cap, Dogecoin became the world’s 8th largest cryptocurrency.
But at this point, it is important to ask a big question: why did Musk change Twitter’s identity? It is to be noted for a long time, Musk has promoted Dogecoin, and he has also called himself ‘Doge father’. Back in 2021, he had shared his plans of launching a satellite on the moon, called ‘Doge-1’, and this mission was funded by Dogecoin. And in January 2022, Musk had announced that Tesla merchandise can be purchased with crypto.
Some months later, it was told that Tesla had Dogecoin. Musk has also said, in May 2021, that on that Women’s Day, he would gift his mother Dogecoin. But even after all these crypto-related announcements, Dogecoin’s value continued to fall. On 5th May, 2021, its market valuation reached 85 billion dollars or 6.98 lakh crore rupees, but slowly, it fell down to 5 billion dollars or 41, 100 crore rupees. The value then jumped again when last year, Elon Musk bought Twitter. It has also been known that Musk and his lawyers are demanding the cases registered by Dogecoin investors against Dogecoin to be struck down.
These cases claim that Musk conspired to increase the value of cryptocurrency and crashed it. The investors have demanded a compensation worth 21 lakh crore rupees.
Dogecoin was developed by software engineers Billy Marcus and Jackson Palmer. The duo had made it to poke fun at the volatility caused by the unpredictable speculation in cryptocurrencies. This is the crypto-world’s first meme coin and dog icon firm.
