Following Twitter’s decision to remove the Dogecoin mascot from their website branding on April 6, the price of Dogecoin (DOGE) plummeted 6.5%.
Dogecoin is marginally down
DOGE was worth 9.1 cents at 8:45 p.m. UTC on April 6, just before Twitter reverted to its default bird. Its price dropped to 8.5 cents in half an hour. Though prices have rebounded slightly, the change constitutes a 6.5% loss.
Dogecoin’s freshly earned value has not been completely gone. When the asset became the Twitter logo on Monday, its price increased by 30%, rising from 7.7 cents to 10.1 cents.
On Tuesday, it reached a high of 10.2 cents. Despite current dips, DOGE retains the majority of its gains and is worth 8.6 cents as of 12:30 a.m. UTC on Friday, April 7.
DOGE is still on a downward trajectory, as evidenced by the price charts:
Dogecoin’s three-day tenure as a logo comes to an end
On April 3, Twitter, which is presently controlled by Tesla CEO Elon Musk, changed its logo with Dogecoin’s Shiba Inu mascot for the first time.
The modification appears to have been limited to Twitter’s website and did not apply to the platform’s mobile app.
Despite long-standing speculation that Twitter will incorporate cryptocurrencies, the business made no announcements this week.
Instead, Musk stated that he conducted the hoax to meet a “promise” made to Twitter influencer WSBChairman, who proposed that Musk buy the social media firm and alter the logo to a Shiba Inu dog in March 2022. “That would [be] sick,” Musk responded.
Musk’s choice to replace the logo added to the confusion and controversy because it occurred two days later, rather than on April Fools Day.
Prior to the event, Musk’s influence on Dogecoin prices was contentious. In fact, the Tesla and Twitter CEO is currently attempting to dismiss a $258 billion lawsuit alleging that his activities with Bitcoin amount to a racketeering plot.
To read our blog on “Bitcoin is approaching the $19,000 mark in price,” click here