DOGE goes up… DOGE goes down.
Dogecoin, the eighth-largest cryptocurrency by market capitalization and Elon Musk’s favorite digital asset, continued to fall in value after its logo was removed from the Twitter website.
The original “meme coin” was down 8% at the time of writing, trading at $0.086, according at CoinGecko. Its value fell sharply on Thursday afternoon Eastern Time, as much as 6% in an hour, just after the Dogecoin logo disappeared from the Twitter platform.
The Dogecoin (DOGE) logo, a Shiba Inu dog meme, mysteriously appeared on Twitter’s website on Monday, replacing the blue bird logo. Its value then leaps more than 20%.
But today the bird logo is back and the dog is gone. Elon Musk, who owns Twitter and speaks frequently about DOGE, has yet to explain why the microblogging site’s logo changed in the first place.
Dogecoin was invented in 2013 by a group of engineers as a tribute to the “doge” joke of a Shiba Inu dog. The idea was to make fun of Bitcoin, the biggest and oldest digital asset.
Tesla CEO Elon Musk – and the world’s richest man –started pumping the piece on Twitter in 2020 by posting memes, and it rose in value and gained a cult following.
Since then, Musk and fellow billionaire investor Mark Cuban have said that the coin could one day be used as a serious cryptocurrency for payments.
The asset is currently trading 88% below its November 2021 all-time high of $0.73.