The price of Dogecoin (DOGE) took a hit on April 6, dropping 6% following Twitter’s decision to remove the popular cryptocurrency’s mascot from its website branding. At approximately 8:45 p.m. UTC on Tuesday, just before Twitter reverted to its default bird logo, DOGE was valued at 9.1 cents. Within half an hour, the price had fallen to as low as 8.5 cents.
While the drop in value is significant, it is worth noting that DOGE had recently enjoyed a significant price rally. When the asset was first added as the Twitter logo on April 3, it experienced a 30% increase in price, surging from 7.7 cents to 10.1 cents. It then hit a high of 10.2 cents on April 6 before Twitter reverted to its original logo. Despite the current losses, DOGE still retains most of those gains and is valued at 8.6 cents as of 12:30 a.m. UTC on Friday, April 7.
The decision to feature DOGE as Twitter’s logo had sparked speculation that the social media giant might be planning to integrate the cryptocurrency into its platform. However, Twitter did not announce any such plans this week. Twitter is currently owned by Tesla CEO Elon Musk, who has been a vocal supporter of DOGE and regularly tweets about the cryptocurrency.
The temporary branding change was limited to Twitter’s website and did not extend to the platform’s mobile app. The removal of DOGE’s mascot from the Twitter logo has clearly had an impact on its value, albeit a temporary one. Whether the decision represents a significant setback for DOGE’s long-term prospects remains to be seen. In any case, it highlights the volatility of the cryptocurrency market and the potential impact of external events on asset prices.
Read more:
- Dogecoin Searches Skyrocket 2,000% Following Twitter’s Logo Change
- A Crypto Trader Made Over $1 Million Profit From The Recent Elon Musk-Induced Dogecoin Rally
- Santiment Insight: On-Chain Metrics Analyze Dogecoin’s Potential For Future Pumps