Get free stock picks
Delivered straight to your inbox.
Charts with clear entry and exit points, delivered by proven, funded traders.
Normally: $29/month | Now: Free for Life (today only)
Join 10,843 traders
As suddenly as it appeared, the image of a Shiba Inu disappeared from Twitter on Thursday afternoon. Similarly, just as the previous change sent the associated Dogecoin surging, the removal of the dog picture sent it plummeting more than 8% by the time of writing.
Early on Monday afternoon, the image of a Shiba Inu dog—the exact image used for Dogecoin—replaced Twitter’s iconic blue bird in several places across the platform. The sudden change sent the price of DOGE surging and caused it to even surpass $0.10 at one point. Several traders, including the one known as Tree of Apha on Twitter, made substantiation amounts of money thanks to their quick reflexes.
While refraining from making an official comment, Elon Musk, who previously called Dogecoin “probably his favorite cryptocurrency”, posted several jokes referencing the event. He also referenced an old conversation with the Twitter user known as Chairman in which they joked about making the Shiba Inu the official mascot of the social media platform.
The rally, however, came to an end as abruptly as it started. On Thursday afternoon Twitter users started reporting that the image of the Shiba Inu is gone and that the blue bird is back in its place. The change had an immediate effect on Dogecoin which plummeted by about 8% by the time of writing.
Join our Telegram group and never miss a breaking digital asset story.
Elon Musk, who acquired Twitter in the second half of 2022 after a lengthy legal back-and-forth, has a long history with the “meme” cryptocurrency. Apart from calling it his favorite digital asset, he, on several occasions, made posts that directly influenced the price of DOGE and other dog-themed coins.
The other 2023 rally of dogcoins was kickstarted after the billionaire tweeted a picture of a dog photoshopped into the role of Twitter’s CEO. The actions have also led to some lawsuits and Musk’s lawyers recently asked the court to dismiss a suit accusing the billionaire of building a pyramid scheme using Dogecoin.
Musk has also faced scrutiny for his impact on other assets. In the early stages of his Twitter acquisition, he was accused of “stock manipulation” by the platform’s investors. He was also sued by the SEC for “false and misleading” tweets that affected the price of Tesla’s shares. Furthermore, Musk once managed to drop Bitcoin’s value by 10% by announcing his car company would no longer be accepting payments in the cryptocurrency.
What will be Musk’s next DOGE-inspired antic? Tell us what you think in the comments below.