Dogecoin has plunged around 8% over the past day as Elon Musk’s Twitter has removed the Doge icon and reverted to the original logo.
Dogecoin has observed a sharp drop in the last 24 hours
Just a few days ago, Twitter changed its icon to the Shiba Inu dog featured in the popular “Doge” meme. As Dogecoin is also based on the same meme, it was not a surprise that the price of the asset rose sharply after this change.
DOGE owners wondered if this change was temporary or if it was here to stay. It looks like they may have gotten their answer today, as the social media platform has reverted the change and reverted to the iconic logo, suggesting that the change was short-lived after all.
At present, there hasn’t been any official communication about the change (or rollback), so it’s still unclear why the change happened in the first place.
Following the removal of the Doge icon, it seems that the market has reacted negatively, as the price of the meme coin has plummeted. As of this writing, Dogecoin is trading around $0.0824, down 8% over the past 24 hours.
Here is a chart showing recent changes in the asset’s price:
The value of the meme coin seems to have sharply gone down in recent days | Source: DOGEUSD on TradingView
As you can see in the chart above, the Dogecoin price saw a very steep increase right around the time of the change on Twitter. On this rise, the coin briefly broke above the $0.10 level.
However, it was not long before the coin pulled back from these highs, as the initial hype began to fade, likely due to the silence the social media platform maintained on the subject.
The price had already been falling rapidly before Twitter finally removed the icon, but with the return of the blue bird, Dogecoin’s slide has become even steeper.
While the cryptocurrency is down a significant amount in the past few days, the gains from the rally due to the Twitter change have yet to fully dissipate. In terms of weekly returns, DOGE investors are still around 11% in the green.
This performance is still significantly better than the other major assets in the sector, including rival coin Shiba Inu, which has achieved gains of just 3% in the same period.
DOGE Market Capitalization
With the Twitter-related rise, the meme coin had improved its position on the list of top cryptocurrencies by market capitalization and had become the seventh largest asset. However, due to the decline that DOGE has seen since then, it has lost its place to Cardano (ADA), as the table below shows.
Looks like DOGE has a market cap of $11.4 billion right now | Source: CoinMarketCap
Featured Image of Kanchanara on Unsplash.com, Chart from TradingView.com,
