The price of the crypto token dogecoin spiked 33% on Monday after Twitter replaced its familiar blue bird logo with the image of a shiba inu dog.
Twitter CEO Elon Musk has touted the token for years.
On Friday, Musk asked a judge to dismiss a $258 billion racketeering lawsuit accusing him of pumping the cryptocurrency. The crypto ecosystem has expanded significantly in recent years. While institutions such as the IMF are starting to embrace its innovation, they are also calling for investors to exercise caution.Niche cryptocurrency dogecoin spiked more than 30% on Monday after Twitter CEOreplaced the blue bird on his company's website with an image of a shiba inu, the digital coin's logo.
The change comes days after attorneys for Twitter and Musk asked a federal judge to toss out a $258 billionthat accused the billionaire of manipulating the token's price and driving it up over 36,000%. After the logo was altered to a shiba inu, Musk shared a meme about the change to his 133.5 million followers on Twitter. The dog appeared only for some users of Twitter, including those on its website.Musk started touting dogecoin years ago. He periodically tweets about the token, which was created as a joke in 2013, predictably causing volatility each time. According toIn Dec. 2021,
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