Dogecoin, the eighth largest cryptocurrency by market capitalization, has continued to decline in value after the Elon Musk-owned Twitter reverted its logo to the blue bird.
At the time of writing, the “meme coin” was down 8%, trading for $0.086 according to CoinGecko. It plummeted in value by up to 6% in just one hour after the Dogecoin logo disappeared from Twitter’s platform.
The Shiba Inu dog meme had mysteriously appeared on Twitter’s website on Monday, replacing the blue bird logo, leading to an increase in its value by over 20%. The microblogging website’s owner, Elon Musk, has yet to provide an explanation for the logo change.
Dogecoin was invented in 2013 by a group of engineers as a joking tribute to the “doge” meme of a Shiba Inu dog to poke fun at Bitcoin, the largest and oldest digital asset.
Elon Musk, Tesla’s CEO and the world’s on-off richest man, started promoting Dogecoin on Twitter in 2020 by posting memes. It gained a cult following and increased in value. Fellow billionaire investor Mark Cuban has also expressed interest in the cryptocurrency, stating that it could one day be used as a serious cryptocurrency for payments.
Despite the coin’s popularity, Dogecoin’s price is currently trading 88% lower than its all-time high of $0.73 in November 2021.