DOGE Price Plunge After Twitter Switched Back to its Original Logo

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Shortly after Elon Musk changed the Twitter logo from an image of the Shiba Inu dog to its original blue bird image, the price of Dogecoin (DOGE) dropped significantly. Based on the analysis of CoinGecko, the price of DOGE has plunged by 8.9% at the time of this writing and was trading at $0.082. The image of the Shiba Inu dog had replaced the Twitter blue bird logo since Monday.

“Doge for some reason is showing up on Twitter and I can only assume this was supposed to be an April Fools joke that took 3 days to roll out because no one knows how the site works anymore,” a Twitter user pointed out.

Since that Monday, the price of DOGE went up by almost 30% reaching a price that is the highest in the last four months. No one knows for sure what Elon Musk, the Chief Executive Officer (CEO) and new owner of Twitter were trying to achieve with the change in logo. Analysts were suspicious of the rally as they cited the fact that the memecoin market had no depth. 

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Notably, 14% of the coin’s value is hinged on DOGE/USDT trading on Binance. Also, the analysts noted that such periodic surge is mostly short-lived and happens amidst Musk’s “sporadic behaviours”. One research analyst at Kaiko named Conor Ryder said, “With a meme token like DOGE, the majority of its big moves come from narratives, and illiquidity acts as a leveraging force on the size of those moves.”

Twitter CEO Advocates For DOGE

Elon Musk has always been a core advocate for Dogecoin. Musk is the founder of the electric automobile Tesla who later became the CEO of Twitter after acquiring the social media platform in a $44 billion bid. In 2021, the market price of DOGE hit an all-time high owing to the amount of social media engagement from the Tesla CEO.

A few months before he finally purchased Twitter, Musk proposed to the then-manager of the Bluebird app to accept DOGE as a subscription payment for users of Twitter Blue. He even recently asked a United States judge to throw out a lawsuit from investors who claimed that he ran a pyramid scheme for the memecoin.

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