Dogecoin’s Price jumps as much as 30% after Elon Musk, one of the richest men in the world, switches the Twitter web logo to the Shiba Inu dog, the Mascot of Dogecoin (DOGE). At the same time, Big Eyes Coin (BIG), another meme-coin in the market reached the next milestone by raising more than 33 million dollars in its ongoing presale stage
Dogecoin – A Parody Becomes A Prodigy
People started to use images, videos, and movie clips to convey their thoughts and feelings in a humorous way when pervasive. In 2013, this meme culture reached beyond the real world and entered into the virtual world in the form of meme-coin.
In 2013, Software engineers Billy Markus and Jackson Palmer were curious about the crypto industry and decided to mock it by creating a funny payment system. They innovated a new concept called meme-coin and named it Dogecoin (DOGE), featuring a Shiba Inu dog as its Mascot. But despite its satirical nature, some crypto investors considered it a legitimate investment prospect. It is how a parody became a prodigy in the virtual world.
Since its launch in 2013, Dogecoin (DOGE) has outperformed several other altcoins in the crypto industry and grown to become the 7th largest cryptocurrency in the crypto market with a 13 billion dollars market capitalization.
Dogecoin (DOGE) reached its all-time high value on May 8, 2021, after Elon Musk, the CEO of Tesla and SpaceX, endorsed it on a Saturday night live television show. However, it was not the first time that Elon Musk had influenced the price of Dogecoin.
Elon Musk – ‘The Dogefather’
The relationship between Elon Musk and Dogecoin (DOGE) has been an obvious secret in both the real and virtual worlds. Elon Musk has been using his Twitter platform to express his view on Dogecoin since 2020.
In December 2020, Elon Musk published a simple tweet “One word: Doge” which influenced the price of Dogecoin (DOGE) to rise by 20%. Following this tweet, in early 2021, Musk posted a series of tweets praising Dogecoin as the people’s crypto. This time, the Dogecoin (DOGE) price shot up to 40%.
When Musk posted a picture with a caption “Doge barking at the moon.” In April 2021, the price of Dogecoin skyrocketed to 100%. In that same year, Musk announced that his Electric vehicle manufacturing company Tesla will accept cryptocurrency as a means of payment.
Elon Musk’s constant support helped Dogecoin (DOGE) to reach new heights, which earned him a new name ‘The Dogefather.’
As Musk continues to influence the crypto market with his social media influence the news outlets started to call it a ‘Musk Effect’.
But after a while, crypto enthusiasts started to accuse him of influencing the price of DOGE. An American named Keith Johnson filed a complaint against Elon Musk, accusing him of artificially inflating the price of DOGE, in the federal court in Manhattan. The complainant also sought damage of $258 billion.
Musk Continues His Influence
Though Elon Musk was sued in the US court, he doesn’t seem to be bothered about it. In February 2023, a few months after he acquired Twitter, Elon Musk uploaded his pet dog Floki’s pic, a Shiba Inu breed dog, posing as the new CEO of Twitter. This tweet influenced not only Dogecoin (DOGE) but other meme coins as well.
This week, he changed the famous blue bird logo of Twitter to a Doge meme. Though the change was only made in the desktop version of the platform, the Dogecoin price shot up to 30%. It proves that even a lawsuit against him in the US court could not stop him from meddling with the crypto market.
Reason Behind Twitter DOGE Logo
A couple of days ago, Elon Musk requested the US court to dismiss a $258 billion lawsuit filed against him for inflating the price of Dogecoin. While the complainants alleged Musk of running a pyramid scheme to support the cryptocurrency, his lawyers defended him by criticising the allegations as a fanciful work of fiction over Musk’s innocuous often silly tweets.
Therefore, It is considered that Musk had changed the Twitter logo to divert attention from the lawsuit against him. Another possibility could be that he is trying to show the US court that his actions related to Dogecoin are indeed silly and nothing serious.
Big Eyes Coin Hits Another Milestone
Apart from Dogecoin (DOGE), other dog-themed meme coins such as Shiba Inu (SHIB) and Floki Inu (FLOKI) also witnessed a significant increase in their price after Elon Musk changed the Twitter logo to Doge.
The new cat-themed meme coin Big Eyes Coin(BIG) is also registering massive growth in its presale stage. The presale of this new project was rolled out in late 2022. Since then Big Eyes Coin(BIG) has successfully completed 11 stages of the presale and raised a whopping $33 in the 12th stage of the presale.
Big Eyes Coin(BIG) project team aims to change the traditional finance system by bringing wealth into the DeFi system. It also aims to save an important part of the ecosystem, the Oceans.
To achieve its first aim, the Big Eyes Coin team has been issuing its native currency BIG in the presale for a very reasonable price. To encourage the investors, the project team has revealed loot boxes ranging from $9.99 to $9,999. These loot boxes include BIG tokens worth up to 1 million dollars along with Loot cards which can be minted as NFTs and Custom made cards.
As mentioned in the road map, the Big Eyes Coin(BIG) has recently released its NFTs on Opensea.io, the largest web3 marketplace for NFTs and Digital Collectibles.
To achieve its second aim, Big Eyes Coin announced that it would spend 5% of its total token supply for charity purposes to save the Oceans.
If you want to be part of a cute community that cares about its investors as well as the environment, you can consider investing in Big Eyes Coin. To know more about the Big Eyes Coin (BIG) click the link below.
If you’d like to take a look at the Big Eyes Coin NFTs click below:
Big Eyes Coin (BIG)