Dogecoin Price Crashes After Twitter Returns Bird Logo
The value of Dogecoin (DOGE) dropped by more than 8% after Twitter removed the Dogecoin mascot from its website branding on April 6.
Just before Twitter changed its logo back to its default bird at 8:45 p.m. UTC on April 6, DOGE was worth $0.091. Within half an hour, its value fell to $0.083.
DOGE did experience a 30% price surge when it became the Twitter logo on Monday, rising from $0.077 to $0.10.
Charts indicate that DOGE is on a gradual downward trend. Twitter, which is currently owned by Elon Musk, first replaced its logo with Dogecoin’s Shiba Inu mascot on April 3.
While there has been longstanding speculation that Twitter might incorporate cryptocurrency, the company did not announce any such plans this week.
Musk disclosed that he changed the logo to fulfill a “promise” to Twitter influencer WSBChairman, who suggested in March 2022 that Musk buy the social media company and change the logo to a Shiba Inu dog.
Musk’s decision caused additional confusion and controversy since it was not on April Fools Day but two days later. Before the event, Musk’s effect on Dogecoin prices had already been contentious.
The Tesla and Twitter CEO seeks to dismiss a $258 billion lawsuit alleging that his interactions with the cryptocurrency constitute a racketeering scheme.