Dogecoin, the cryptocurrency often endorsed by Tesla CEO Elon Musk, has seen a significant drop in value following the removal of its logo from the Twitter website.
The digital asset Dogecoin, which stands as the eighth largest cryptocurrency by market cap, was down 8% at the time of writing, trading at $0.082.
On Monday, the Dogecoin logo – a Shiba Inu dog meme – mysteriously replaced Twitter‘s blue bird logo, resulting in a 20% surge in the coin’s value.
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
However, just as unexpectedly, the bird logo reappeared on Thursday afternoon Eastern Time, and the dog logo vanished. This sudden change led to a sharp 6% drop in Dogecoin’s value within an hour.
Elon Musk, who owns Twitter and is known for frequently discussing Dogecoin, has not yet provided an explanation for the logo switch.
The Tesla CEO began promoting Dogecoin in 2020, posting memes and helping the coin gain a cult following.
They have the best coin
— Elon Musk (@elonmusk) March 3, 2020
Both Musk and billionaire investor Mark Cuban have suggested that the digital asset could one day become a serious cryptocurrency for payments.
Dogecoin was originally created in 2013 as a joke, with its creators intending to poke fun at Bitcoin, the largest and oldest digital asset. Despite its lighthearted origins, the coin has seen substantial growth and attention in recent years.
However, it is currently trading at 88% lower than its all-time high of $0.73, which it reached in November 2021.
