Why did Elon Musk change the Twitter logo with the cryptocurrency meme?

Twitter changed its legendary blue bird logo by placing the logo of a popular cryptocurrency - the image of a dog in a viral meme.

Users noticed that the blue bird logo had been replaced with the image of the Shiba Inu dog, Kabosu, associated with the Dogecoin cryptocurrency, which was created as a joke in 2013 to mock other cryptocurrencies such as Bitcoin.

Musk didn't explain the reason for the change, but some users speculated that it was meant as an April Fool's joke that the company couldn't pull off in time.

But, it is unlikely. This new move can't be entirely coincidental, considering that on March 31st, Elon Musk asked a US court to dismiss a lawsuit filed against him by Dogecoin investors for $258 billion over an alleged scheme pyramidal.

Reuters reported in June last year that according to the complaint, the plaintiffs allege that Musk knew that as of 2019 the cryptocurrency had no value, but promoted Dogecoin to profit from its trading.

"Musk used his pedestal as the world's richest man to operate and manipulate the Dogecoin pyramid scheme for profit, exposure and entertainment," the lawsuit states.

Dogecoin's value soared last year after Musk announced that Tesla products could be purchased using it.

With Twitter's logo change, Dogecoin's value went from $0.079 to $0.094, the coin's highest value since November last year.