Users who checked Twitter this week may have noticed what appeared to be a late April Fools joke when the recognizable bird logo was changed to a Shiba Inu, which is both the internet-famous dog and the cryptocurrency Dogecoin's emblem.
Although it is still well below its 2021 peak, the value of cryptocurrencies increased, with Dogecoin rising by almost 30% over night when Twitter updated its logo on Monday. Elon Musk, the owner of Twitter, has long supported Dogecoin and is currently being sued for allegedly manipulating its price.
It was unclear whether the new logo was intended to be permanent or when Twitter's original "Larry T. Bird," which was named after Celtics player Larry Bird, would make a comeback. Twitter automatically responded to CBS News' request for comment with the smiling poop emoji.
Musk tweeted on Monday, "As promised," making fun of a user's joke about wanting to update the logo.
The concept was born in response to Musk's criticism of Twitter, which he had long held before to his purchase, and a user's suggestion that he "just buy Twitter" and "change the logo from a bird to a doge." "Haha that would [be] sickkk," the prospective CEO retorted.
Musk tweeted many memes that made reference to the adjustment.
Users were drawn to the new logo since Musk is being sued for allegedly using Twitter to promote Dogecoin and make money off of other investors. The case is being thrown out by his attorneys.
The class-action lawsuit claims that over the course of several years, Musk increased the value of Dogecoin through numerous tweets and memes, only to let it sink following an appearance on "Saturday Night Live" where he referred to the meme cryptocurrency as a "hustle."
Musk is accused of "falsely and deceptively claiming that Dogecoin is a legitimate investment when it has no value at all" and that he and his firms, SpaceX and Tesla, generated billions of dollars in profits at the expense of other investors.
The case states that "Defendants were aware that Dogecoin had no value since 2019 yet promoted Dogecoin to profit from its trading." In order to administer and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and entertainment, Musk used his position as the richest man in the world.
Investors "have lost approximately $86 billion as a result of this fraudulent enterprise," the lawsuit argues.
Lawyers for Musk denied those allegations.
In a formal plea to dismiss the lawsuit, filed on Friday, they stated, "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." They contend that Musk did not make any "misrepresentations or omissions" when he made statements like "Dogecoin Rulz" or "No highs, no lows, only Doge."
They wrote, "This court should stop the plaintiffs' fantasy and dismiss the complaint."