Twitter's Dogecoin Logo Switch Causes DOGE to Plunge
Dogecoin's (DOGE) value plummeted after Twitter stopped using the DOGE mascot as its logo
After Twitter replaced its blue bird logo with Dogecoin's Shiba Inu on April 3, the coin value saw a surge in the value rising by over 20%. However, the price of DOGE sharply dropped as much as 9% over the past 24 hours after Twitter's bird logo returned to its platform. As of the time of this writing DOGE is trading at $0.0834.
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Dogecoin is currently the eighth biggest cryptocurrency by market cap and is well-known for its "Elon Musk effect." The Tesla CEO, who frequently talks about DOGE on social media, started pumping the coin on Twitter in 2020 through memes, leading to a rise in value and gaining a cult following. Musk's involvement in the coin is known to cause rapid ascensions and receding of the coin's value.
The idea behind Dogecoin was to poke fun at Bitcoin, the biggest and oldest digital asset, and was invented in 2013 by a group of engineers as a joking tribute to the "doge" meme of a Shiba Inu dog. DOGE's value reached an all-time high of $0.74 in May 2021 after Musk's appearance on Saturday Night Live. Since then, the value of the coin has decreased sharply.
Many DOGE fans had hoped that Twitter's use of Dogecoin's mascot as its logo would lead to the coin's integration into the social media platform, but this no longer seems to be the case.
