Dogecoin Drops Sharply After Twitter Blue Bird Returns

DOGE goes up… DOGE goes down. 

Dogecoin, the eighth largest cryptocurrency by market cap and Elon Musk’s favourite digital asset, has continued its plunge in worth after its brand was dropped from the Twitter web site. 

The unique “meme coin” was down 8% on the time of writing, buying and selling for $0.086, in accordance to CoinGecko. It sharply dropped in worth Thursday afternoon Japanese Time, as a lot as 6% in an hour, simply after the Dogecoin brand disappeared from Twitter’s platform. 

Dogecoin’s (DOGE) brand, a Shiba Inu canine meme, on Monday mysteriously appeared on Twitter’s web site, changing the blue chook brand. Its worth then surged by over 20%. 

However at this time, the chook brand has returned and the canine has gone. Elon Musk, who owns Twitter and regularly talks about DOGE, is but to provide a proof as to why the microblogging web site’s brand modified within the first place. 

Dogecoin was invented in 2013 by a bunch of engineers as a joking tribute to the “doge” meme of a Shiba Inu canine. The concept was to poke enjoyable at Bitcoin, the largest and oldest digital asset. 

Tesla CEO Elon Musk—and the world’s on-off richest man—began pumping the coin on Twitter in 2020 by posting memes, and it went up in worth and gained a cult following.

Since then, Musk and fellow billionaire investor Mark Cuban have stated that the coin might be used at some point as a critical cryptocurrency for funds. 

The asset is at the moment buying and selling 88% decrease than its November 2021 all-time excessive of $0.73.