Cryptocurrency surges as Musk changes Twitter logo to ‘meme dog’

A meme-inspired cryptocurrency’s price jumped on Tuesday after Elon Musk changed the bluebird logo of Twitter to a dog associated with the digital token, despite the mogul being sued over his previous promotion of the coin.

Musk bought Twitter in October last year for $44 billion and has since slashed the workforce, introduced paid-for accounts and reinstated banned users including former president Donald Trump.

His decision to change the logo to a Shibu Inu dog, whether permanent or another short-lived joke, caused the price of dogecoin to surge by more than 20 percent, from below $0.08 to more than $0.10.

The Twitter chief has 133 million followers and has long used the platform for self-promotion and humour, occasionally also promoting dogecoin, a highly volatile cryptocurrency initially created as a joke.

He is being sued for $258 billion by an investor who claims he lost massive amounts of money because of Musk’s activities, though the billionaire has dismissed those claims.

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