Doge had a very short run as Twitter’s new mascot.
Dogecoin, the cryptocurrency that started as a joke and gained a cult following, has taken another hit in value after its logo was removed from Twitter’s website. The original “meme coin” was down 8% at the time of writing, trading for $0.086 according to CoinGecko. It sharply dropped in value on Thursday afternoon Eastern Time, as much as 6% in an hour, just after the Dogecoin logo disappeared from Twitter’s platform. The Dogecoin logo, a Shiba Inu dog meme, had mysteriously appeared on Twitter’s website earlier this week, replacing the blue bird logo. Its value then surged by over 20%. But today, the bird logo has returned and the dog has gone.
Elon Musk, who owns Twitter and frequently talks about Dogecoin, has yet to give an explanation as to why the microblogging website’s logo changed in the first place. The Tesla CEO and the world’s on-off richest man started pumping the coin on Twitter in 2020 by posting memes, and it went up in value and gained a cult following.
Dogecoin was invented in 2013 by a group of engineers as a joking tribute to the “doge” meme of a Shiba Inu dog. The idea was to poke fun at Bitcoin, the biggest and oldest digital asset. However, since then, Musk and fellow billionaire investor Mark Cuban have said that the coin could be used one day as a serious cryptocurrency for payments.
Despite this, Dogecoin’s value has been volatile, with sharp swings in both directions. The asset is currently trading 88% lower than its November 2021 all-time high of $0.73. The recent drop in value comes after a brief surge in price following the temporary addition of the Dogecoin logo to Twitter’s website.
The removal of the logo has caused some speculation among Dogecoin enthusiasts. Some have suggested that the removal was a deliberate move to manipulate the price of the cryptocurrency. Others have suggested that it was a mistake or a technical issue.
Whatever the reason for the logo’s removal, it has had an impact on the price of Dogecoin. The cryptocurrency market is notoriously volatile, and small changes can have a big impact on the value of digital assets. Dogecoin has always been a particularly volatile cryptocurrency, given its origins as a joke and its reliance on social media hype.
While the recent drop in value is a setback for Dogecoin, it is not necessarily the end of the road for the cryptocurrency. Dogecoin has a dedicated following of supporters who believe in its potential as a serious cryptocurrency. Some experts predict that the cryptocurrency market will continue to grow and that Dogecoin will be one of the cryptocurrencies that benefit from this growth.
In the meantime, Dogecoin enthusiasts will be keeping a close eye on Elon Musk’s Twitter account. The Tesla CEO has been known to move the cryptocurrency market with his tweets, and his continued support for Dogecoin could have a significant impact on its value. For now, though, it seems that Dogecoin will continue to be a volatile and unpredictable cryptocurrency, subject to the whims of social media and the cryptocurrency market.