Dogecoin falls as much as 9% after Twitter drops Doge meme from home button

Dogecoin fell to as low as 8.4 cents, compared to the high of 10.5 cents it reached on Monday after Twitter made the logo change

Agencies
First Published7 Apr 2023, 05:28 AM IST
A representation of cryptocurrency dogecoin is seen in front of a stock graph and U.S. dollar in this illustration
A representation of cryptocurrency dogecoin is seen in front of a stock graph and U.S. dollar in this illustration(REUTERS)

Dogecoin fell as much as 9% as some Twitter users began to see their home buttons on the social media platform revert back to its iconic blue-bird logo after a few days of being replaced by the dog meme associated with the cryptocurrency.

Since Monday, Twitter users have seen a cartoon of the Shiba-Inu that’s the visual representation of the Doge meme on the upper left corner of the social media service’s home page. 

Twitter owner Elon Musk has long been a supporter of Dogecoin, a cryptocurrency created as a joke in 2013, with the currency accepted as payment for merchandise at Tesla Inc., another company he heads.   

Twitter didn’t respond to a Bloomberg question about the restoration of its bird logo. 

Dogecoin fell to as low as 8.4 cents, compared to the high of 10.5 cents it reached on Monday after Twitter made the logo change.

Earlier, Dogecoin's Shiba Inu dog replaced Twitter's blue bird as the social media company's logo on Monday, helping the meme coin add as much as $4 billion to its market value.

The token, born as a satire of a cryptocurrency frenzy in 2013 and has no fundamental use, on Tuesday surged to 10 cents around 1500 EST from 7 cents as Elon Musk indicated in a tweet he had delivered on his promise of changing the social media app's logo to dogecoin's dog.

With a market capitalization of $13.7 billion, dogecoin is now the seventh biggest cryptocurrency, according to data site CoinMarketCap.com. Its market value stood at around $10 billion before the news.

Musk, who is ranked the second-richest person in the world by Forbes, is a vocal proponent of cryptocurrencies and has heavily influenced prices for dogecoin and bitcoin in the past.

The Tesla boss on Friday asked a U.S. judge to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support dogecoin.

Dogecoin more than doubled in October after Musk, dubbed "the dogefather" by retail traders, sealed a $44 billion deal to take over Twitter.

 

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First Published:7 Apr 2023, 05:28 AM IST
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