“Twitter Logo,” “Elon Musk,” and “Dogecoin” have dominated the list of trending topics during the last 24 hours. This came to light after Twitter executives replaced the social media platform’s traditional blue bird emblem with the $DOGE symbol. After making this move, DOGE surged, giving investors soaring double-digit percentage gains.
Doge As The New Twitter Logo
On the third of March, Twitter formally added a Doge to its loading screen. The iconic image has also taken the place of the blue bird’s homepage emblem on the relevant social media platform. This led to a Dogecoin purchasing frenzy, which caused the 30-minute candle to rise by 24%.
The currency reached a 17-week high of $0.1047 thanks to this enthusiasm. Furthermore noteworthy is the fact that this rise was sufficient to make $ADA the seventh-largest cryptocurrency by market cap, passing it. This action increased the market value of $DOGE by $3.4 billion.
Scammers Surfaces
Scammers wasted no time in seizing the current chance in the midst of the craze. In which the advent of a project known as “Twitter Logo” has been highlighted by a recent tweet from PeckShield Alert.
The project is likely to deceive users by using the same DOGE ticker as the original meme-crypto. According to a blockchain security and analysis platform, Binance provided funding of about 1.4 ETH to the contract deployer. In less than 30 minutes, they also injected 1 ETH liquidity and launched the contract Twitter Logo DOGE. After this the liquidity was removed and 3.2 $ETH were transferred to 0xA478…ccB.
Critics Reacts
Rumors about cryptocurrency integration in the aforementioned social media network were already circulating when Elon Musk bought Twitter back in October 2022. Yet, Twitter also refuted the aforementioned claim in January of this year.
Twitter has stated that they are focusing on figuring out how to integrate digital payments, which would involve obtaining the necessary governmental approvals, but they have also hinted that crypto functionality may not be available right away.
The recent hoax that skyrocketed Dogecoin’s price may or may not be a sign of the impending crypto merger. The debate on @WSBChairman’s account focused heavily on this stunt. In which the user made references to Operation Chokepoint 2.0 as well as previous encounters Musk had with authorities.
Brad Mills, on the other hand, chose a more somber approach and denounced Musk for endorsing “degenerate get-rich-quick junk” over Bitcoin. In which he went on to say that Musk is a part of wealth disparity & financial ignorance.
