Dogecoin plunged 9% as some Twitter users began to look back at its iconic blue-bird logo on the social media platform, days after its home button was replaced by a dog meme associated with the cryptocurrency.
Since Monday, Twitter users have seen a cartoon of a Shiba-inu that is a visual representation of the Doge meme on the top left corner of the social media service’s home page.
Twitter owner Elon Musk has been a long-time supporter of dog coinA cryptocurrency created as a joke in 2013, with the currency accepted as payment for merchandise at Tesla Inc., another company he heads.
Twitter did not respond to Bloomberg’s question about reinstating its bird logo.
Dogecoin fell to 8.4 cents from a high of 10.5 cents on Monday after Twitter changed its logo.
Earlier, Dogecoin’s Shiba Inu dog replaced Twitter’s blue bird as the social media company’s logo on Monday, helping Meme Coin add up to $4 billion to its market value.
The coin, born in 2013 as a satire of a cryptocurrency craze that has no fundamental use, rose from 7 cents to 10 cents around 1500 EST on Tuesday as Elon Musk indicated in a tweet that he had It lived up to its promise of changing the media app. The logo for Dogecoin’s dog.
Dogecoin is now the seventh largest cryptocurrency with a market capitalization of $13.7 billion, according to data site CoinMarketCap.com. Its market value before the news was around $10 billion.
Musk, who is ranked as the second richest person in the world by Forbes, is a vocal supporter of cryptocurrencies and has heavily influenced the prices of Dogecoin and Bitcoin in the past.
Tesla boss on Friday asked a US judge to dismiss a $258 billion racketeering lawsuit alleging he ran a pyramid scheme to back Dogecoin.
Dogecoin more than doubled in October after Musk, dubbed the “Dogfather” by retail traders, struck a $44 billion deal to take over Twitter.
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.