Dogecoin dips 6.5% as Twitter logo returns Dogecoin dips 6.5% as Twitter logo returns
The Dogecoin "doge" replaced Twitter's mascot for just three days.
2 min read
Updated: Apr. 7, 2023 at 1:04 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The price of Dogecoin (DOGE) fell 6.5% following Twitter’s decision to remove the Dogecoin mascot from its website branding on April 6.
Dogecoin is down slightly
At 8:45 p.m. UTC on April 6, just before Twitter reverted its logo to its default bird, DOGE was valued at 9.1 cents. Within half an hour, its price fell as low as 8.5 cents. Though prices have recovered slightly, that change represents a loss of approximately 6.5%.
Dogecoin has not lost all of its recently-gained value. When the asset became the Twitter logo on Monday, it experienced a 30% price rally and surged from 7.7 cents to 10.1 cents. It then peaked at 10.2 cents on Tuesday. Despite current losses, DOGE still retains most of those gains and is valued at 8.6 cents as of 12:30 a.m. UTC on Friday, April 7.
DOGE is on a gradual downward trend nonetheless, as can be seen in price charts:
Dogecoin ends three-day run as logo
Twitter — currently owned by Tesla CEO Elon Musk — first replaced its logo with Dogecoin’s Shiba Inu mascot on April 3. The change was seemingly restricted to Twitter’s website and did not extend to the platform’s mobile app.
Despite long-standing anticipation that Twitter might somehow integrate the cryptocurrency, the company did not announce any plans to do so this week.
Instead, Musk revealed that he pulled the stunt to fulfill a “promise” to Twitter influencer WSBChairman, who suggested in March 2022 that Musk buy the social media company and change the logo to a Shiba Inu dog. “That would [be] sick,” Musk wrote in response.
Musk’s decision to change the logo created additional confusion and controversy due to the fact that it did not occur on April Fools Day, but two days later.
Musk’s impact on Dogecoin prices was controversial prior to the event. In fact, the Tesla and Twitter CEO currently aims to dismiss a $258 billion lawsuit that alleges his interactions with the cryptocurrency constitute a racketeering scheme.
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Posted In: Analysis
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
X
X (formerly Twitter) is an American social media company based in San Francisco, California, that was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched July of the same year.
South African-born Elon Musk has founded several companies, including X.com (which later became PayPal), SpaceX and Tesla Motors.