Dogecoin, the popular meme-inspired cryptocurrency, has experienced a 6.5% dip in value as the Twitter logo returns to its profile picture. This comes after the crypto market saw a significant surge over the past few weeks, with Dogecoin hitting an all-time high of $0.69 earlier this month. Experts are closely monitoring the market conditions, as investors speculate on possible factors affecting the crypto’s value. Despite the recent dip, Dogecoin remains one of the most in-demand cryptocurrencies, with a loyal fanbase actively trading and supporting its growth.
Dogecoin’s Value Decreases Following Twitter’s Logo Change
The value of Dogecoin decreased by 6.5% after Twitter removed the Shiba Inu mascot from its website branding on April 6. Prior to the reversion, the virtual currency was valued at 9.1 cents; however, its price dropped to as low as 8.5 cents within half an hour. Despite the slight recovery that followed, it still represented a loss of around 6.5%. It is important to note that Dogecoin had recently experienced a 30% price rally and surged from 7.7 cents to 10.1 cents when it became the Twitter logo on April 6. It subsequently reached a peak of 10.2 cents the next day.
The current losses notwithstanding, DOGE still retains most of those gains and is valued at 8.6 cents as of April 7. However, the virtual currency is still on a gradual downward trend. Twitter, currently owned by Tesla CEO Elon Musk, initially replaced its logo with Dogecoin’s Shiba Inu mascot on April 3, but the change did not reflect on the company’s mobile app.
It is worth noting that Musk did not announce any plans to integrate the virtual currency into Twitter, which many had been anticipating for a long time. Instead, he revealed that he made the change as a promise to Twitter influencer WSBChairman, who suggested in March 2022 that Musk buy the social media company and change the logo to a Shiba Inu dog. Musk wrote in response that it would be “sick.”
Although Musk’s decision created additional confusion and controversy, his impact on Dogecoin prices has been controversial in the past. In fact, he currently aims to dismiss a $258 billion lawsuit alleging that his interactions with the virtual currency constitute a racketeering scheme.
In conclusion, Dogecoin’s value fluctuates based on various factors, including social media hype and influencer endorsements. Nonetheless, investors should remain vigilant and consider a variety of factors before making any investment decisions.