Elon Musk changed Twitter's web version logo to the "doge" of Dogecoin cryptocurrency, causing a 20% rise in its value.

The doge image is part of the logo of Dogecoin blockchain and cryptocurrency created in 2013 to mock other cryptocurrencies.

Musk is a well-known superfan of the Doge meme and has promoted Dogecoin on Twitter and during his appearance on "Saturday Night Live."

Musk bought Twitter for $44 billion and posted a tweet with a screenshot of an exchange he had in March 2022 with a Twitter user who suggested changing the Twitter logo to a doge.

Musk was on the receiving end of a lawsuit filed in June 2022 accusing him of engaging in racketeering by promoting Dogecoin.

Musk's legal team filed a motion to have the lawsuit dismissed, as plaintiffs have not shown how his statements in favor of Dogecoin defrauded anyone nor have they explained what risks he is alleged to have hidden from investors.

The plaintiffs in the case are seeking $258 billion in damages.

The doge image was only changed on Twitter's web version and not on mobile apps.

Musk's Twitter updates have caused controversy, including his verification of user descriptions.

Musk believes there is nothing unlawful about supporting or making jokes about a legitimate cryptocurrency that holds a market cap of nearly $10 billion.