Popular
meme coin Dogecoin (DOGE) declined by 9% in value following the Twitter
blue bird logo's return before seeing a slight price recovery.
The Elon Musk-led social media giant recently placed its iconic blue
bird logo again as the home button on the upper left corner of the
platform's home page, removing Dogecoin's symbol.
- Twitter shifted its logo to the Dogecoin symbol on April 3, leading to an over 30% price increase in DOGE.
- Following
the move, Dogecoin surpassed the $0.10 level for the first time since
December 2022 and replaced Cardano (ADA) as the seventh largest
cryptocurrency by market value on the rank.
- After the shift, Musk implied that the logo change came to stay by sharing a meme on his official Twitter account.
- However,
the platform removed the Dogecoin icon after a few days, causing the
popular cryptocurrency's price to retreat to the $0.08 level.
- Musk, who bought Twitter last year in a $44B deal, has long been facing backlash due to his support for Dogecoin.
- Especially in 2021, he paved the way for Dogecoin to increase in value many times through his Twitter posts.
- The famous CEO
is even a defendant with his companies, including Tesla, SpaceX, and
The Boring Company, in a $258B Dogecoin lawsuit that alleges him of
conducting a Ponzi scheme to support the popular meme coin.
- The
lawsuit claims that Musk deliberately caused Dogecoin's price to jump
over 36,000% in two years before allowing it to plummet.
