As per recent reports, the renowned “meme coin” had an initial value of $0.086 at the time of writing this article, which indicates an 8% decline. It is noteworthy that the value of this coin experienced a sharp drop after Twitter removed Dogecoin’s symbol from its platform. This decline lasted for roughly 6% of an hour on Thursday afternoon, Eastern Time.
Twitter Bird Comes Back
On Monday, an unexpected occurrence took place on Twitter’s platform when the iconic Shiba Inu dog meme, recognized as the emblem for Dogecoin (DOGE), replaced the blue bird logo without any explanation.
This led to a surge of over twenty percent in the cryptocurrency’s value. However, the Twitter emblem has since been reinstated to its original state, with the bird once again taking the center stage, and the doge emblem has been removed. Even though the owner of Twitter, Elon Musk, is a fervent supporter of DOGE, he has yet to provide a reason for the brief modification to the microblogging service’s logo. As of now, the situation remains unexplained.
The Origin of Doge
In 2013, a team of engineers developed Dogecoin as a lighthearted homage to the “doge” meme, which showcased a Shiba Inu dog. This meme gained significant traction in 2010. The primary objective was to jest at Bitcoin, the most established and extensively used digital asset. Fast forward to 2020, Tesla CEO Elon Musk began endorsing the coin on Twitter by sharing memes, leading to a substantial increase in value and a devoted following for the cryptocurrency.
After its debut, both Elon Musk and fellow billionaire investor Mark Cuban have voiced their confidence in the coin’s potential to serve as a credible cryptocurrency for payment facilitation. Nevertheless, at present, the asset is being traded at a value that is 88% lower than its peak price of $0.73, which was attained in November 2021.