© Reuters DOGE’s Dramatic Dive After Twitter Logo Reversal: Has The Meme Coin Bubble Burst?
Benzinga – Dogecoin‘s (CRYPTO: DOGE) value took a dip on Thursday after Twitter seemingly reverted to its original blue bird logo, replacing the crypto’s dog meme that had adorned the platform since Monday.
Dogecoin’s price dropped as much as 8.2% by 5:09 p.m. EDT, reaching $0.085, as per CoinGecko data.
The plunge followed a 27% surge on Monday when Twitter CEO Elon Musk playfully suggested swapping the logo for the meme.
Although Dogecoin’s price initially peaked on Monday due to Musk’s influence, trading volumes have been dwindling since Tuesday, as revealed by Binance (CRYPTO: BNB) data through TradingView.
Twitter’s substitution of its classic blue bird logo with the famous Dogecoin meme earlier this week led to a price boost for the digital asset.
Also Read: From Dogecoin To Shiba Inu: This Crypto Wild West Could Make You Rich Or Leave You Penniless
However, the recent downturn has sparked concerns about a potential price correction.
Musk, who refers to himself as the “Dogefather,” has frequently expressed his support for Dogecoin, often causing fluctuations in its value.
The recent rally triggered by Musk’s Twitter activity resulted in the meme coin gaining over 19% during the week, despite the 8% drop.
In the past, the “Elon Musk effect” has significantly impacted Dogecoin’s value, with prices soaring and then retreating based on his involvement.
For instance, in May 2021, Dogecoin reached an all-time high of $0.73 after being featured in Musk’s “Saturday Night Live” appearance.
Read Next: DeFi A Grave Threat To US Security: Treasury Department Points To Two Huge Risks
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
