"That's an old photo," Elon Musk replaces Twitter logo with Dogecoin icon despite lawsuit pertaining to his promoting the coin. (Elon Musk/Twitter)

Elon Musk Pumps Dogecoin on Twitter Despite Lawsuit

Our eye on the markets, Musk pumping Dogecoin on Twitter amid legal battle, more takes on the popularity of the Metaverse, and news in brief from Chainalysis and Halborn, MobileCoin, CoolCats, Rendever, Meta, Sony, Fracture Reality, Virbela, VRDirect, and SuperWorld.

An Eye on the Markets

Usually, Bitcoin and Ethereum follow pretty similar patterns over a week, but that wasn’t always the case this time. Bitcoin started out gaining and then entered a gradual decline. Around the middle of the week, it saw a drastic increase, those gains have since been lost, with Bitcoin closing the week slightly down from last week at a bit under $28k.

Ethereum started out going up and then plateaued. It dipped early in the week but has since been on an up trend. While it may see a fall like Bitcoin did, it is currently up just over 2% on the week trading over $1.8k.

As for other tokens, there are red charts and green charts, but the major breakaway is Dogecoin. The project spiked nearly 20% around the middle of the week — probably because Elon Musk inexplicably replaced the Twitter logo with the Dogecoin icon. It has since entered a decline, but is still up over 8% from last week amid renewed rumors of Twitter accepting the token.

An Eye on the Fed

Musk, who has been dubbed “the Dogefather” changed the Twitter logo to the Doge icon amid an escalating lawsuit against him regarding his ongoing promotion of the memecoin, but he’s not the only one facing lawsuits. A Florida lawsuit targets Binance, including the CEO and a number of influencers. The same “state-level law firm” previously filed suits against FTX and Voyager Digital.

During these and other ongoing high-profile court cases, as well as the looming cloud of a central bank digital currency, Coindesk predicts the politicization of cryptocurrencies in the next U.S. election cycle. Meanwhile, former president Donald Trump’s NFT collection saw a surge in activity following his arraignment this week on 34 criminal charges.

An Eye on the Metaverse

Metaverse Fashion Week in Decentraland saw a steep decline in attendance this year amid ongoing questions of whether the Metaverse itself is still a serious topic of discussion as the spotlight seems to have been taken by AI for the time being.

Marketing Dive suggests that, at least on the corporate end, the Metaverse is alive and well — big players are just refining their strategies and perhaps learning some early lessons from the initial boom of immersive and blockchain-enabled activations.

News in Brief