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The value of Dogecoin (DOGE) decreased by 6.5% after Twitter opted to eliminate the Dogecoin mascot from its website branding on April 6.
Dogecoin experiences a slight decline
At 8:45 p.m. UTC on April 6, just prior to Twitter reverting its logo to the default bird, DOGE was priced at 9.1 cents. Within thirty minutes, its value dropped to as low as 8.5 cents. Although there has been a minor recovery, this shift indicates a loss of roughly 6.5%.
Dogecoin has not entirely forfeited its recently acquired value. When the asset was adopted as the Twitter logo on Monday, it saw a 30% price increase, rising from 7.7 cents to 10.1 cents. It subsequently reached a peak of 10.2 cents on Tuesday. Despite the current downturn, DOGE still holds a majority of those gains, being valued at 8.6 cents as of 12:30 a.m. UTC on Friday, April 7.
Nonetheless, DOGE is on a steady downward trajectory, as illustrated in the price charts:
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Dogecoin concludes three-day logo display
Twitter — now under the ownership of Tesla CEO Elon Musk — initially changed its logo to Dogecoin’s Shiba Inu mascot on April 3. This alteration appeared to be limited to Twitter’s website and did not carry over to the mobile application.
Despite ongoing speculation that Twitter might find a way to incorporate the cryptocurrency, the company did not disclose any intentions to do so this week.
Instead, Musk indicated that he executed the change to honor a “promise” made to Twitter influencer WSBChairman, who proposed in March 2022 that Musk acquire the social media platform and alter the logo to a Shiba Inu dog. “That would [be] sick,” Musk replied at the time.
Musk’s choice to modify the logo sparked further confusion and controversy, particularly since it did not take place on April Fools Day, but rather two days later.
Musk’s influence on Dogecoin prices has been contentious prior to this incident. In fact, the CEO of Tesla and Twitter is currently seeking to dismiss a $258 billion lawsuit that claims his interactions with the cryptocurrency amount to a racketeering scheme.
The post Dogecoin dips 6.5% as Twitter logo returns appeared first on CryptoSlate.
