The price of Dogecoin (DOGE) fell 6.5% after Twitter decided to remove the Dogecoin mascot from its website branding on April 6.
Dogecoin is down slightly
DOGE was valued at 9.1 cents at 8:45 PM UTC on April 6, just before Twitter reverted its logo to the default bird. Within 30 minutes, the price he had dropped to 8.5 cents. The price recovered slightly, but the change represents a loss of around 6.5%.
Dogecoin has not lost all of its recent value gains. When the asset became the Twitter logo on Monday, the price jumped 30%, jumping from 7.7 cents to 10.1 cents. It then peaked at 10.2 cents on Tuesday. Despite its current losses, DOGE still holds most of those gains and is valued at 8.6 cents as of 12:30 am UTC on Friday, April 7th.
Nevertheless, DOGE is on a moderate downward trend as seen on the price chart.
Dogecoin Ends 3-Day Run As Logo
Twitter, now owned by Tesla CEO Elon Musk, replaced its logo with Dogecoin’s Shiba Inu mascot for the first time on April 3.
Despite years of speculation that Twitter might somehow integrate cryptocurrencies, the company did not announce its plans this week.
Instead, Musk revealed that he pulled the stunt to fulfill a “promise” to Twitter influencer WSBChairman. who proposed In March 2022, Musk acquired the social media company and changed its logo to a Shiba Inu. “that is [be] I’m sick,” Musk replied.
Musk’s decision to change the logo caused further confusion and controversy due to the fact that it happened two days later and not on April Fool’s Day.
Musk’s impact on Dogecoin’s price was controversial prior to the event. In fact, his CEO of Tesla and Twitter is now aiming to dismiss his $258 billion lawsuit that claims his interactions with cryptocurrencies constitute an extortion scheme.
Dogecoin fell 6.5% as the Twitter logo first appeared on CryptoSlate.