Twitter’s famous blue bird logo changed to the Doge meme on Monday, sending Dogecoin skyrocket in price. A crypto KOL even earned more than $1 million thanks to the DOGE rally. However today, Twitter users began to see their home buttons on the social media platform revert back to its blue bird logo.
Right after, DOGE – the 8th largest cryptocurrency by market cap – plunged to $0.086 and is still showing no signs of recovery. Twitter and Elon Musk have so far not given any reason why they changed the logo and then reverted it back.
When the memecoin’s icon became Twitter’s logo on Monday, DOGE experienced a 30% rally, up from $0.077 to $0.101. It then peaked at $0.102 on Tuesday. Despite current losses after Twitter changed its logo back, DOGE has retained most of those gains and is trading at $0.085 at the time of writing. However, it can be seen that DOGE is on a gradual downward trend.
In 2013, a group of engineers invented Dogecoin as a fun version of Bitcoin. No one expected that it would become the favorite coin of CEO Tesla Elon Musk. He started to support and promote this coin on social networks. Since then, Dogecoin has gained a huge fan base and become a phenomenon in the cryptocurrency market.
Musk’s impact on Dogecoin’s price was controversial prior to the event. In fact, the CEO of Tesla and Twitter is now aiming to dismiss a $258 billion lawsuit alleging his interactions with cryptocurrency constitute a fraud conspiracy.