Elon Musk returned to Twitter’s blue bird after briefly using Dogecoin’s shiba inu mascot. This led to a sharp drop in the DOGE price.
On April 3, Elon Musk replaced the old Twitter logo with the Dogecoin mascot. The market reacted to the news with a sharp increase in the DOGE price of over 20%, trading at $0.10. Now that the blue bird is back on Twitter, DOGE is trading at $0.08, down 9.87% in over 24 hours, according to CoinMarketCap.
Elon Musk, who loves DOGE, has yet to explain why he put the blue bird back where it belongs. As for why the shiba inu was a Twitter logo for this week, he discussed it with a Twitter user who suggested Musk buy Twitter and change the logo to Dogecoin:
Dogecoin was made by some people who thought creating a digital currency based on the “doge” meme with a Shiba Inu dog would be funny. They were making fun of Bitcoin, the OG digital money.
Then, in 2020, Elon Musk, the head of Tesla and sometimes the wealthiest man in the world, started chatting on Twitter with memes about Dogecoin. And that made Dogecoin’s value skyrocket and got it a very active fan base.
The recently appointed CEO of Twitter often uses the term “people’s currency” to refer to DOGE, which he claims is his preferred cryptocurrency. Yet, DOGE is trading 88% lower than its November 2021 all-time high of $0.73.
Related: Shiba rise is not what it seems
Just this week, before the news of changing back the Twitter logo, some crypto industry players said the rise in Shiba Inu-themed tokens was temporary. Guilhem Chaumont, CEO of crypto trading firm Flowdesk, told CoinDesk:
There is a regular pattern of crypto market uptrends with first, bitcoin going through a bull run, then major altcoins pumping, and finally, tokens with small market caps. Since bitcoin has been experiencing a relatively stable upward trend, meme coinsโ rise would indicate the third phase, the end of the cycle.
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