Drop in DOGE sparks crypto chaos after Elon Musk brought back Blue Bird logo on Twitter
Dogecoin has seen significant growth over the past two days after Twitter CEO Elon Musk decided to stage a public display of affection (PDA) for the memecoin at an international level. However, in the last few hours, Dogecoin lost ten percent in value. A key reason for this was Musk, who brought the blue bird logo back to Twitter after briefly changing it to the DOGE logo earlier this week. This wasn’t the first time Musk’s support has sent DOGE prices higher, but members of the crypto community who invested in the bloated Dogecoin may have lost some investments after the value began to fall again started since Twitter’s original logo was back.
According to Gadgets 360 crypto price tracker, DOGE was valued at $0.080 (roughly Rs.6.75) at the time of writing, having suffered a nearly ten percent loss since the early morning of April 7.
On April 4, DOGE price stood at $0.095 (about Rs.7.81) after imprinting over 22 percent gain on the price chart.
This notable DOGE drop and its reliance on Musk’s promotion for occasional pumps has become a source of criticism among members of the crypto community. Crypto investors accuse Musk of using his influence to manipulate the market.
@elonmusk Hello Elon,
It’s getting very frustrating, your newest #dogecoin Sleight of hand.
All profits disappear what you caused. You need to be aware of how your moves affect Doge prices.
They need to clarify what the Doge logo means or will mean for the future on Twitter…— T.Pecsi (@PecsiTamas1) April 7, 2023
Twitter logo changed back!
And just like that, Elon Musk keeps pumping and pumping #dogecoin :Joy:
What a dedicated, passionate leader you all have.
Waiting for the next Elon-induced $DOGE Pump :rocket::saluting_face:
— MASON VERSLUIS :trophy::crystal_ball: (@MasonVersluis) April 6, 2023
DOGE was built on the Bitcoin blockchain and launched in 2013 as a hoax with the photo of Elon Musk’s Shiba Inu dog as its logo. It hit its last known all-time high of $0.682 (about Rs. 55) on May 8, 2021.
Its price had dropped as low as $0.0000869 (approximately Rs.0.0071) on May 6, 2015, according to GlobalData.
Musk believes that DOGE has better daily use value compared to Bitcoin, and thus Tesla’s CEO has also referred to Dogecoin as a “people’s crypto” in the past.
This time, Musk’s intention to replace the Twitter logo with the DOGE logo on April 3 appeared to be pure fun, based on a hoax Musk had with a random Twitter user years ago.
Every time Musk endorses DOGE, its value increases immediately, only to fall later. Dogecoin has rarely managed to maintain its elevated prices amid crypto’s volatility.
