Elon Musk replaces the Twitter logo with the Dogecoin logo

Monday, Musk shocked the online community by altering the Twitter logo. The familiar logo has been replaced by the Dogecoin logo.

The decision made an uproar on Twitter, with shocked users posting tweets expressing their disbelief. Some of them hypothesized that malicious hackers had compromised the platform.

Musk himself sent out a tweet at 2:50 p.m. It depicts a dog in a stopped vehicle informing a police officer who is scrutinizing a wallet with the Twitter logo, “That’s an old picture.”

Some insiders interpreted the change as evidence that Elon Musk may acquire Dogecoin. It may have also been Musk’s method of rejecting the plaintiffs in litigation against Dogecoin in which he was named as a defendant. The timing of the logo redesign appears strange. Musk’s attorneys urged a federal magistrate in New York to dismiss the $258 million racketeering lawsuit after the previous week.

Musk’s attorneys sought dismissal of the lawsuit, referring to it as “a fanciful work of fiction.” Musk is being sued by investors who accuse him of engaging in a pump-and-dump scheme. They contend that he knew the currency had no intrinsic value, yet he drove its value up by tweeting about it.

Since its release in 2013, Dogecoin has been affected by rumors regarding its legitimacy. Some believe that the currency originated as a prank. The Securities and Exchange Commission (SEC) and state attorneys general continue to launch frequent public attacks against the $1.21 trillion crypto market.