Drop in DOGE Triggers Crypto Chaos After Elon Musk Brings Back Blue Bird Logo on Twitter

The value of DOGE, at the time of writing, stood at $0.080 (roughly Rs. 6.75).

Drop in DOGE Triggers Crypto Chaos After Elon Musk Brings Back Blue Bird Logo on Twitter

Photo Credit: Twitter/ Dogecoin

DOGE was founded in 2013 and its last ATH of $0.682 (roughly Rs. 55) was recorded in 2021

Highlights
  • DOGE is popularly called a memecoin
  • Dogecoin is often in competition with Shiba Inu altcoin
  • DOGE has dropped by nearly 10 percent in the last few hours
Advertisement

Dogecoin, in the last two days, witnessed a substantial growth after Twitter CEO Elon Musk decided to put on a public display of affection (PDA) for the memecoin on an international level. However, in the last few hours, Dogecoin dropped in value by ten percent. A major reason behind this was Musk, who brought back the blue bird logo on Twitter, after briefly changing it to the DOGE logo earlier this week. This was not the first time that Musk's support had pumped DOGE prices, but the crypto community members who invested in swollen Dogecoin may have lost some investment after its value started dropping again with Twitter's original logo being back.

As per the crypto price tracker by Gadgets 360, the value of DOGE, at the time of writing, stood at $0.080 (roughly Rs. 6.75) after incurring a loss of nearly ten percent since early morning on Friday, April 7.

On April 4, the price of DOGE stood at $0.095 (roughly Rs. 7.81) after minting over 22 percent profits on the price chart.

This notable DOGE drop and its dependency on Musk's advertising for occasional pumps have become topics of criticism amongst members of the crypto community. Crypto investors have accused Musk of manipulating the market with his influence.

Built on the Bitcoin blockchain, DOGE was launched as a joke in 2013 with the photo of Elon Musk's pet dog of Shiba Inu breed as its logo. It touched its last known all-time high of $0.682 (roughly Rs. 55) on May 8, 2021.

Its price had sunk to as low as $0.0000869 (roughly Rs. 0.0071) on May 6, 2015 as per GlobalData.

Musk believes that DOGE has a better day-to-day utility value as compared to Bitcoin and hence the Tesla CEO has also referred to Dogecoin as the ‘people's crypto' in the past.

This time, the intention behind Musk replacing the Twitter logo with the DOGE logo on April 3 seemed to be pure fun, based on a banter Musk had years ago with a random twitter user.

Every time Musk endorses DOGE, its value shoots up instantly only to fall later. Dogecoin has seldom managed to retain his heightened prices amid the volatile nature of crypto.


Smartphone companies have launched many compelling devices over the first quarter of 2023. What are some of the best phones launched in 2023 you can buy today? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
Alibaba Invites Businesses to Test Its ChatGPT-Like AI Chatbot: Report
India Clocked 0.07 Percent Crypto Tax Payers; Over 99 Percent Global Investors Evaded Dues: Divly Report
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »