The value of the cryptocurrency Dogecoin surged over 30% on April 4 after Twitter CEO Elon Musk replaced the blue bird logo on his company's website with the logo of Shiba Inu, which is the mascot of the digital currency.
The Doge meme logo, which was initially created as a joke in 2013 was observed by Twitter users on the web version of the platform. There was no change on Twitter's mobile app.
Also read: Elon Musk seeks to end $258 billion Dogecoin lawsuit
Elon Musk asked a US judge on April 1 to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support the cryptocurrency Dogecoin.
In an evening filing in Manhattan federal court, lawyers for Musk and his electric car company Tesla Inc called the lawsuit by Dogecoin investors a "fanciful work of fiction" over Musk's "innocuous and often silly tweets" about Dogecoin.
The lawyers said the investors never explained how Musk intended to defraud anyone or what risks he concealed, and that his statements such as "Dogecoin Rulz" and "no highs, no lows, only Doge" were too vague to support a fraud claim.
"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," Musk's lawyers said. "This court should put a stop to plaintiffs' fantasy and dismiss the complaint."
In a footnote, the lawyers also rejected the investors' claim that Dogecoin qualified as a security.
The investors' lawyer, Evan Spencer, said in an email: "We are more confident than ever that our case will be successful."
Investors accused Musk, the world's second-richest person according to Forbes, of deliberately driving up Dogecoin's price by more than 36,000% over two years and then letting it crash.
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