Dogecoin Falls Sharply After Twitter Blue Bird Returns.
After removing its logo from the Twitter website, the value of Dogecoin, the eighth largest cryptocurrency by market cap and Elon Musk’s favorite digital asset, continues to fall.
The original “meme currency” sold for $0.086, down 8% from its all-time high. Its value plummeted by 6 percent in an hour on Thursday afternoon Eastern Time, just after the Dogecoin logo was removed from Twitter.
The Shiba Inu dog meme that represents Dogecoin (DOGE) suddenly replaced Twitter’s blue bird logo on Monday. Then, its price increased by more than 20%.
The dog mascot, however, has been replaced with the bird logo as of today. The owner of Twitter, Elon Musk, who constantly mentions DOGE, has yet to explain the reason for the logo modification.
Dogecoin was created as a joke in honor of the Shiba Inu dog “doge” meme. The goal was to make fun of Bitcoin, the most popular and pioneering cryptocurrency.
Once Tesla CEO and sometimes-wealthiest man Elon Musk began boosting the coin on Twitter in 2020 with a series of parodies, interest in the cryptocurrency skyrocketed.
Musk and fellow billionaire investor Mark Cuban have stated that the coin can be utilized as a legitimate cryptocurrency in the future.
The asset has dropped 88% since its all-time high of $0.73 in November 2021.