DOGE rate drops by 10% after the return of the original Twitter logo

Earlier, the change of the logo of the social network led to a 67,9% increase in the asset

07.04.2023 - 07:20

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What’s new? New Twitter CEO Elon Musk has returned the social network’s original logo in the form of a blue bird. For four days, from April 3 to 7, Musk used as a logo the image of a dog of the Shiba Inu breed, which is the mascot of the meme token Dogecoin (DOGE). As a result of the return to the former logo, the asset’s rate dropped by 10,17%, according to Binance. As of April 7, 07:00 UTC, DOGE is trading at $0,08269.

The coin’s page on Binance

What is known about DOGE? The meme cryptocurrency was created in 2013 by Billy Markus and Jackson Palmer. In September, DOGE became the second most capitalized cryptocurrency on the PoW algorithm. It ranks eighth in the overall cryptocurrency ranking with a capitalization of $11,5 billion.

Twitter and DOGE. After Musk put an image of DOGE as the logo of the social network on April 3, the coin jumped by 67,9% to $0,105. The billionaire wrote that he did “as promised,” referring to a correspondence from last year in which a subscriber suggested that he buy Twitter and change the logo to DOGE.

The billionaire has repeatedly been accused of premeditated cryptocurrency pumping. He previously said he would eat a Happy Meal live on television if McDonald’s started accepting Dogecoin as a payment option. After that, lawyer John Deaton warned that the US Securities and Exchange Commission (SEC) may classify DOGE as a security.

In 2022 Musk was sued for $258 billion in pecuniary and non-pecuniary damages. According to the lawsuit, the billionaire raised the price of Dogecoin by 36 000% over two years, and the defendants “profited tens of billions of dollars” at the expense of other investors while knowing that the currency lacks intrinsic value and that its value “depended solely on marketing.”

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