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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."

In a filing with the Securities and Exchange Commission on Wednesday, the business software company established by Bitcoin enthusiast Michael Saylor revealed that it had bought 1,045 Bitcoin for approximately $29.3 million in cash, or an average price of nearly $28,016 per coin. According to a tweet on Wednesday by Saylor, MicroStrategy's most recent acquisition brings the company's total Bitcoin holdings to roughly 140,000, valued at about $4 billion and acquired at an average price of $29,803. Crypto Saylor and MicroStrategy, both of which have long been cryptocurrency hodlers, were quickly congratulated on Twitter, especially by Bitcoin enthusiasts. According to an SEC filing, the business sold its first batch of Bitcoin in December, selling 704 units for an average price of $16,776, netting $11.8 million. MicroStrategy's multimillion-dollar purchase was made between March 24 and April 4, which coincided with the U.S. government's large auction of $215 million in Bitcoin that had been seized from an alleged hacker in a case involving the Silk Road online illegal market. James Zhong, the defendant, was charged with wire fraud for allegedly getting 50,000 Bitcoin from the Silk Road marketplace unlawfully; he later entered a guilty plea. The digital assets were taken by the government, and as of Wednesday, just over 41,000 of them were still in possession. They were valued more than $1 billion. Since the beginning of the year, Bitcoin has been on a tear, rising 73% in the first quarter of 2023, its highest quarter in two years, according to CoinDesk. In the first quarter, the S&P 500, Dow Jones Industrial Average, and Nasdaq were all outpaced by the most popular cryptocurrency in the world, which some analysts claimed had reclaimed its position as a store of value comparable to gold. According to CoinMarketCap, the price of bitcoin was just below $28,000 on Wednesday, having dropped 0.5 percent in the previous day.

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