Chief Twit has changed the Twitter logo to — guess what — Doge.
Alright, you guys really can’t keep it together for one week, can you?
Only one day after we covered the latest Crypto Twitter drama, this space stepped it up a notch. And take a wild guess who’s responsible for the mayhem:
Yup. He did it. Elon Musk paid $44 billion to change the Twitter logo to the Dogecoin meme.
Don’t believe that was his plan all along?
Well. Let’s go to the source itself:
The change happened around noon Eastern Time yesterday and came unannounced. Crypto Twitter’s reaction?
Elon then, ahem, “confirmed” the “brand policy change” with a tweet:
And by now you can guess where we’re going with this. The. Pump. Was. In.
A cool 25% gain in value for Dogecoin in a matter of minutes. Which equates to about $3 billion more in market capitalization. Banking crisis, anyone?
So that’s where things stand as of now. But is this just one late April Fool’s joke or is there something more behind it?
Why Musk Possibly Changed The Logo
To make a long story short. No one knows what’s really going on in Elon’s head when he pumps the price of Dogecoin with such stunts. But one possible explanation is that he wants a lawsuit alleging the operation of a pyramid scheme to promote Dogecoin thrown out. We’re talking the tiny sum of $258 billion. More details about this theory in our Crypto Espresso episode:
However, rumor has it that there are, ahem, factions with considerable DOGE bags that could do with a pump. Someone checked the chain to confirm this:
Again, nothing is factual evidence and mainly are allegations. But someone’s bags are going up in value when DOGE pumps, that’s plain math.
Could Musk actually be looking to integrate DOGE in a meaningful way on Twitter?
While he’s alluded to such a possibility in the past, nothing has really happened since he let it sink in that there’s a new boss in Twitter town. So that possibility looks rather remote, especially considering that Facebook tried creating its own cryptocurrency at some point. Which landed the company in regulatory purgatory, something that Musk probably wants to avoid.
As he said himself, the most entertaining outcome is the most likely — so no one knows what really is going to happen next.
So That’s it, Business as Usual From Here?
Well, it looks like it. However, some analysts think this could actually have interesting ripple effects. Here’s Jim Bianco with a hot take:
Predictably, this sent “reply guys” into a frenzy. But Jim could certainly be directionally correct. The Fed is probably not watching the 1 min chart of DOGE when making policy decisions (but that’s not ruled either). However, they may be keeping an eye on crypto as a whole as a bellwether indicator for speculation. And with Bitcoin alive and kicking in the face of massive FUD, the Fed may lean towards thinking the speculation bottom is not in yet. Especially with, y’know, certain CT influenzas causing $1K wicks based on “rumors."
Again, much speculation, few facts. But it’s certainly not boring these days in crypto.
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