Dogecoin Plummets 7%+ As Twitter Returns to Its Iconic Bird
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Dogecoin Plummets 7%+ As Twitter Returns to Its Iconic Bird

Just as Monday’s change to a Shiba Inu sent DOGE surging, Thursday’s switch back to the bird sent the token plummeting.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

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.

Dogecoin Plummets After Twitter Returns to Its Bird Symbol

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.

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Musk’s History With Dogecoin

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.

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