Elon Musk’s Twitter Changes Spark Dogecoin Rally – Investors Sue for $258 Billion
Twitter’s logo has undergone an unexpected transformation: the Doge meme now appears on the social media platform’s web and mobile browser sites. Dogecoin, a famous cryptocurrency known as a “memecoin,” saw a 20% increase in just 30 minutes after the change was implemented.
Musk’s latest effort to boost Dogecoin’s market value since taking over as Twitter CEO in October appears to be the icon change. He has long been a supporter of Dogecoin, and his tweets and appearances on television shows have frequently influenced the cryptocurrency’s worth. Musk is the subject of a $258 million racketeering lawsuit accusing him of operating a pyramid scheme to promote Dogecoin, and he recently filed a motion to dismiss the case.
— Elon Musk (@elonmusk) April 3, 2023
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
On the other hand, Twitter has ceased labeling retweets, resulting in people’s “Following” timelines appearing flooded with unlabeled retweets from people they don’t follow. When someone you followed retweeted something, the tweet would have a note above it indicating who was accountable for it appearing on your timeline.
Now, that label appears to have vanished from the web, so the tweets look precisely like the ones you follow. However, the retweet label remains visible when you click on a tweet, and the functionality remains accessible, making it appear to be a bug rather than a deliberate change.
The Doge icon shows only on Twitter’s web interface, not its apps, raising the question of whether the change was a bug or a late April Fool’s joke.
While Musk’s Twitter changes have gotten much attention, experts are wondering what his long-term plans are for the site. One potential next step is for Twitter to become a payment service, allowing users to transfer both fiat and cryptocurrency to creators and other users.
He first mentioned Twitter payments in a pitch deck to investors in May, and the platform now has a tipping feature, though it only makes about $15 million per year. The Financial Times reported in January that the business was applying for regulatory licenses to function as a payment processor across the United States.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
Finally, Twitter’s Doge logo change and the removal of the retweet label are currently creating a stir in the online community. The reason for these changes is unknown, but Musk’s apparent support for Dogecoin raises the possibility that this is an effort to boost the cryptocurrency’s value. Simultaneously, experts speculate that Musk may have plans to turn Twitter into a payment tool. Whatever the case may be, these events demonstrate Musk’s willingness to take risks in order to shake up the social media platform.
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