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Dogecoin Climbs as Elon Musk Replaces Twitter Bird Icon with Shiba Inu

The traditional bird symbol on Twitter was replaced by a Shiba Inu image, in reference to Dogecoin, the parody cryptocurrency at the center of a lawsuit against CEO Elon Musk.

Musk acknowledged the modification on Monday afternoon, sharing a tweet that said “as promised” along with a screenshot of an old conversation where another user advised Musk to “just buy Twitter” and “change the bird logo to a doge.”

The doge emblem appeared on the platform just two days after Musk requested a judge to dismiss a $258 billion racketeering lawsuit that accused him of operating a pyramid scheme to boost Dogecoin, as reported by Reuters.

Attorneys for Musk and Tesla described the lawsuit filed by Dogecoin investors as a “fanciful work of fiction” based on Musk’s “innocuous and often silly tweets.”

The permanence of the logo change remains uncertain, as Musk is known to use Twitter to tease both his supporters and detractors.

Dogecoin’s value, which is usually unstable, rose by over from .07 to .10 under 24 hours. Dogecoin searches increased by nearly 2,000% after Elon Musk changed Twitter logo

From Meme to Mainstream: The Unlikely Journey of Dogecoin in the Cryptocurrency World

Dogecoin is a cryptocurrency that was created on December 6, 2013, by software engineers Billy Markus from IBM and Jackson Palmer from Adobe. Initially designed as a joke and satirical take on the cryptocurrency frenzy, Dogecoin aimed to appeal to a broader audience than Bitcoin, the leading digital currency at that time. The name “Dogecoin” is derived from the popular internet “doge” meme that features a Shiba Inu dog and Comic Sans text with broken English phrases.

Dogecoin’s underlying technology is based on Litecoin, which itself is a fork of Bitcoin. Like Litecoin, Dogecoin utilizes the Scrypt proof-of-work algorithm for mining, which is less resource-intensive compared to Bitcoin’s SHA-256 algorithm.

In its early days, Dogecoin’s community developed a reputation for being friendly and supportive, often engaging in charitable efforts and fundraising campaigns. For instance, in January 2014, the Dogecoin community raised 27 million Dogecoins (worth about $30,000 at that time) to send the Jamaican bobsled team to the Winter Olympics in Sochi.

Since its inception, Dogecoin has experienced several price surges, often fueled by social media attention or endorsements from high-profile individuals such as Elon Musk, the CEO of Tesla and SpaceX. Despite its lighthearted origins, Dogecoin has attracted a significant following and become one of the top cryptocurrencies by market capitalization.

However, Dogecoin’s status as a joke cryptocurrency has also led to skepticism and criticism, with some observers questioning its long-term viability and potential use cases. Regardless, the coin continues to hold a unique place in the cryptocurrency landscape, symbolizing the power of internet culture and community engagement.

Dogecoin’s Wild Ride: Exploring the Rollercoaster of Market Volatility in the Meme Cryptocurrency

Dogecoin has experienced several peaks throughout its history, with the most significant one occurring in 2021. On May 8, 2021, Dogecoin reached its all-time high, with the price hitting approximately $0.77 per coin. This peak in price coincided with a surge in interest from retail investors and growing social media attention, particularly fueled by Tesla and SpaceX CEO Elon Musk’s frequent tweets and support for the cryptocurrency.

The excitement leading up to Elon Musk’s appearance on the popular TV show Saturday Night Live (SNL) on the same day also contributed to the price surge, as many in the Dogecoin community anticipated that Musk might mention or promote Dogecoin during the show. Although the price began to decline shortly after his appearance, Dogecoin had already established itself as a significant player in the cryptocurrency market, with its market capitalization peaking at over $90 billion during this period.

It’s important to note that cryptocurrency markets are volatile, and the circumstances surrounding price peaks or troughs can often involve a mix of social, economic, and technological factors.

Canada has been proactive in developing regulations and guidelines for cryptocurrencies

The cryptocurrency has gained popularity and attention among Canadian investors and enthusiasts, similar to its growth in other countries. As Dogecoin becomes increasingly mainstream, Canadians engage with the meme cryptocurrency through trading platforms, social media, and discussion forums.

Canada has been proactive in developing regulations and guidelines for cryptocurrencies, recognizing their growing importance in the financial landscape. Canadian authorities have introduced a range of measures to govern the use and trade of cryptocurrencies, focusing on consumer protection, anti-money laundering (AML), and combating the financing of terrorism (CFT).

Some key aspects of Canada’s cryptocurrency regulation include:

  1. Registration of crypto exchanges: In June 2020, the Canadian government amended the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to include virtual currency exchanges under the umbrella of money service businesses (MSBs). This means that cryptocurrency exchanges operating in Canada are required to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and comply with AML and CFT regulations.
  2. Know Your Customer (KYC) requirements: Crypto exchanges and platforms are required to verify the identity of their customers to comply with KYC regulations. This involves collecting personal information, such as names, addresses, and government-issued identification numbers, to prevent illicit activities and maintain transparency.
  3. Reporting requirements: Registered MSBs, including cryptocurrency exchanges, must report large and suspicious transactions to FINTRAC. They are also required to maintain records of these transactions and submit them for review when requested.
  4. Taxation: The Canada Revenue Agency (CRA) treats cryptocurrencies as commodities for tax purposes. This means that any income derived from trading or mining cryptocurrencies is subject to Canadian income tax laws. Capital gains from selling cryptocurrencies are also taxable, and taxpayers must report these gains on their annual tax returns.
  5. Securities regulation: Depending on their structure, some Initial Coin Offerings (ICOs) and other crypto-assets may be considered securities under Canadian law. In such cases, they are subject to securities regulations and must comply with relevant disclosure and registration requirements.

These regulatory measures aim to promote transparency, reduce risks, and protect consumers in the Canadian cryptocurrency market. However, it is essential for users and businesses dealing with cryptocurrencies in Canada to remain updated on the evolving regulatory landscape, as the government continues to assess and refine its approach to digital assets.


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