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.
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:
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.
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.
Looks like DOGE has a market cap of $11.4 billion right now | Source: CoinMarketCap