Dogecoin is rallying after its most famous supporter, tech billionaire Elon Musk, changed Twitter’s icon to the DOGE logo.
Musk, who has a history of sparking Dogecoin rallies, made the logo change before posting his own version of an old meme featuring the DOGE logo.
Immediately, DOGE began pumping, and is currently up 27% since the Twitter CEO’s executive decision.
Musk also referenced an old tweet from last year before he purchased the social media giant where he seemingly joked about changing the Twitter logo to “a Doge.”
“As promised.”
Musk is currently the target of a $258 billion lawsuit that alleges he illegally and purposely drove up the price of DOGE by over 36,000% over the span of two years before letting it collapse. The tech mogul’s lawyers have asked the judged to throw out the suit,
As stated by his lawyers, according to Reuters,
“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. This court should put a stop to plaintiffs’ fantasy and dismiss the complaint.”
At time of writing, DOGE is trading at $0.0979.
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Featured Image: Shutterstock/INelson