Dogecoin slides after Twitter reverts to old logo

Twitter has restored the old blue bird logo, which had recently been replaced by the mascot Dogecoin (DOGE). The coin slid on the news.

According to CoinGecko, over the last 24 hours the meme-cryptocurrency’s price fell 8.2% to $0.0828.

On April 3, DOGE at one point jumped 25%, topping $0.10. This occurred as Twitter switched its logo to a Shiba Inu dog, the coin’s mascot.

The platform’s head, Elon Musk, has yet to comment on the reversal.

Earlier, experts were skeptical of the Dogecoin rally. In an interview with The Block, Kaiko analyst Conor Ryder said that ‘most large moves in the coin are driven by narrative, and illiquidity acts as a lever on their size’.

Matt Kunke, a market-maker at GSR, noted that the dynamics driven by ‘Musk’s sporadic behaviour’ were ‘historically short-lived’.

In July 2022, American Keith Johnson accused SpaceX and Tesla, as well as their chief, of promoting the ‘cryptocurrency pyramid’ Dogecoin and demanded $258 billion in damages.

In early April 2023, Musk’s lawyers described the investor’s claims about Dogecoin as ‘a fanciful fabrication’. The billionaire asked the court to dismiss the suit.