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Dogecoin

Dogecoin Plunges 8% As Twitter Drops Doge Icon

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin has plunged around 8% over the past day as Elon Musk’s Twitter has dropped the Doge icon and has switched back to the original logo.

Dogecoin Has Observed A Sharp Plunge Over The Last 24 Hours

Just a few days ago, Twitter changed its icon to the Shiba Inu dog featured in the popular “Doge” meme. As Dogecoin is also based on the same meme, it was no surprise that the asset’s price made a sharp jump following this switch.

DOGE holders had been wondering whether this change was a temporary one or if it was there to stay. It seems that they may have got their answer today, as the social media platform has reversed the change and has gone back to the iconic logo, suggesting that the switch was a short-lived one after all.

At present, there hasn’t been any official communication regarding the change (or the reversal), so it’s still unclear why the switch happened in the first place.

Related Reading: Will The Swiss National Bank Buy Bitcoin? New Interview Causes A Stir

Following the removal of the Doge icon, it looks like the market has reacted negatively, as the meme coin’s price has been plunging. At the time of writing, Dogecoin is trading around $0.0824, down 8% in the last 24 hours.

Here is a chart that shows the recent changes in the asset’s price:

Dogecoin Price Chart

The value of the meme coin seems to have sharply gone down in recent days | Source: DOGEUSD on TradingView

As you can see in the above graph, Dogecoin’s price had seen a very sharp spike just as the switch on Twitter had taken place. In this surge, the coin had briefly surpassed the $0.10 level.

It wasn’t long, however, before the coin retracted from these highs, as the initial hype started to fade, likely because of the silence that the social media platform kept around the topic.

Related Reading: Bitcoin Repayments From Mt. Gox Begin, Will It Affect The BTC Price?

The price had already been rapidly dropping off before Twitter finally removed the icon, but with the switch back to the blue bird, Dogecoin’s plunge has become even sharper.

While the cryptocurrency has come down a significant amount in the last couple of days, the gains from the rally due to the Twitter change haven’t yet fully dissipated. In terms of weekly returns, DOGE’s investors are still around 11% in the green.

This performance is still significantly better than the other top assets in the sector, including rival coin Shiba Inu, which has managed just about 3% gains in the same period.

DOGE Market Cap

With the Twitter-related surge, the meme coin had improved its standing in the top cryptocurrency by market cap list and had become the 7th largest asset. However, because of the decline DOGE has observed since then, it has lost its place to Cardano (ADA), as the below table displays.

Dogecoin Market Cap

Looks like DOGE has a market cap of $11.4 billion right now | Source: CoinMarketCap
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com,
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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