Dogecoin Drops Sharply After Twitter Blue Bird Returns - Decrypt

DOGE goes up… DOGE goes down.

Dogecoin, the eighth biggest cryptocurrency by market cap and Elon Musk’s favorite digital asset, has continued its plunge in value after its logo was dropped from the Twitter 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 Thursday afternoon Eastern Time, as much as 6% in an hour, just after the Dogecoin logo disappeared from Twitter’s platform.

Dogecoin’s (DOGE) logo, a Shiba Inu dog meme, on Monday mysteriously appeared on Twitter’s website, 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 DOGE, is yet to give an explanation as to why the microblogging website’s logo changed in the first place.

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.

Tesla CEO Elon Musk—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.

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.

The asset is currently trading 88% lower than its November 2021 all-time high of $0.73.