On April 3, Twitter changed its logo on the website to the image of a Shiba Inu dog, which is the official mascot of $DOGE memecoin (what's that anyway). This immediately led to a surge in the price of Dogecoin by over 30%, and Google searches for "Dogecoin" exploded by nearly 2,000%.
Apparently, such a Twitter move was seen by the crypto community as a signal that Musk remains bullish on Dogecoin, which even surpassed Cardano in terms of market cap – just briefly for now, but enough to make one more news header:
"Totally irresponsible," Bitcoin proponents immediately said to that. And yes, it may look like that. But why exactly? Because that way, Elon Musk was promoting an “unregistered security.”
Although Musk's lawyers said, “There is nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”
But some curious minds wonder why Elon decided to replace the Twitter logo on the doge. Some believe it to be "one of Musk’s dire attempts of playing the April fool’s prank — albeit delayed. However, few also believe it to be an extremely well-thought and smart move by the tech mogul, given that Twitter was flooded with jokes and pranks of all sizes across industries on April 1. It’s suspected that Musk deliberately executed the prank late in order to take his millions of Twitter users by surprise." (Source)
And in that sense…
Dogecoin whales have added 1,470,000,000 DOGE to their portfolio over the last three months, according to the Santiment data. Some also noted that DOGE is showing early signs of outperforming the broader crypto market.
But who are that $DOGE whales? At least for one of them, @lookonchain wrote in November 2022, it could be Elon Musk himself (thread):
Will that logo replacement prank affect the ongoing lawsuit against Musk? We'll see.
As a reminder, "Musk was sued last June after the investors accused him of running a pyramid scheme to support the meme cryptocurrency, in the process pumping its price more than 36,000% over two years and then causing it to crash. The plaintiffs further argued that they lost their investments due to the “Defendant’s false and deceptive claim that Dogecoin is a legitimate investment when it has no value at all.” (Source)
For all the degen gamblers out there, in light of the current news and whale movements, drastic swings in the $DOGE rate are likely, but the sequence of these moves is unlikely to be predictable in light of the lawsuit mentioned above. So be careful and don't risk more than you can afford to lose (again).