The price of Dogecoin (DOGE) fell 6.5% after Twitter decided on April 6 to remove the Dogecoin mascot from its website branding.
Dogecoin falls slightly
At 8:45pm UTC on April 6 (3:45am this morning), just before Twitter reverted its logo to the default blue bird, DOGE was valued at 9.1 cents. Within half an hour, its price dropped to 8.5 cents. Despite a slight recovery in prices, the change represented a loss of around 6.5%.
Even so, Dogecoin has not lost all of its recent gains. When the asset was installed as a Twitter icon on Monday, it jumped 30 percent from 7.7 cents to 10.1 cents. It then peaked at 10.2 cents on Tuesday. Despite the current losses, DOGE has retained most of its gains and is trading at 8.6 cents at press time.
However, DOGE is trending down, as the price chart shows:
Twitter — now owned by Tesla CEO Elon Musk — first replaced its logo with Dogecoin’s Shiba Inu mascot on April 3. The change appears to be limited to the company’s website. Twitter hasn’t expanded into mobile apps for the platform.
While it has long been speculated that Twitter might integrate cryptocurrencies in some way, the company did not announce any concrete plans this week.
Instead, Musk revealed that he was only fulfilling his “promise” to the chairman of Twitter influencer WSB, who suggested in March 2022 that Musk buy the social media company and change the logo to Shiba Inu.
Musk’s decision to change the logo caused even more confusion and controversy, as it happened not on April Fool’s Day, but two days later.
Before the incident, Musk’s influence on the price of Dogecoin was controversial. In fact, the CEO of Tesla and Twitter is now aiming to dismiss a $258 billion lawsuit alleging that his interactions with cryptocurrencies amounted to a fraudulent conspiracy.
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According to Cryptoslate