Dogecoin (DOGE) Plummets After Twitter Reverts to Default Blue Bird Logo
Dogecoin has experienced a significant drop following Twitter’s reversion to its default blue bird logo, removing the popular meme coin that was previously featured.
This morning (April 7), Elon Musk’s favored meme coin, Dogecoin, was unexpectedly removed from the Twitter logo, causing a sharp reaction in DOGE’s price.
— db (@tier10k) April 6, 2023
In the wake of this change, DOGE, the eighth-largest cryptocurrency by market cap and a favorite of billionaire Elon Musk, has fallen by as much as 8.2%, dropping to around $0.086. The coin is still trading at this level with no signs of recovery.
As of now, Twitter and Elon Musk have yet to provide an explanation for why the logo was reverted to its original design.
15-minute chart of DOGE/USDT on Binance as of 08:20 AM on April 7, 2023
As reported by Coin68, on the early morning of April 4, Twitter users worldwide were surprised to see the social media platform’s logo changed to a Shiba Inu dog, closely resembling the Dogecoin logo. At that time, DOGE saw a significant price surge, skyrocketing by 37% before retreating to its current level.
Dogecoin was created in 2013 by a group of engineers as a parody of Bitcoin, featuring a Shiba Inu dog. However, no one anticipated that Tesla CEO Elon Musk would become a prominent supporter of DOGE, advocating for and promoting the coin on social media. This endorsement helped Dogecoin amass a substantial following and become a phenomenon in the cryptocurrency market.
The recent logo change might be seen as a natural outcome, given that it aligns with Elon Musk’s promise from last year when he spent $43 billion to acquire the social media platform.
