According to CoinGecko, the value of the original “meme coin” was $0.086 at the time this article was written, representing a decline of 8%. Just after the Dogecoin logo was removed off Twitter’s platform, there was a precipitous decline in its value that lasted for up to six percent of an hour on Thursday afternoon, Eastern Time.
On Monday, the Shiba Inu dog meme that serves as the Dogecoin (DOGE) emblem made an unexplained appearance on Twitter’s website, where it took the place of the blue bird logo. After then, more than twenty percent was added to its worth.
However, the bird is once again featured in the emblem, but the dog has been removed. Elon Musk, the owner of Twitter and someone who regularly discusses DOGE, has not yet provided an explanation as to why the logo for the microblogging service was modified in the first place.
Dogecoin was created in 2013 by a group of engineers as a facetious homage to the “doge” meme depicting a Shiba Inu dog. The meme went viral in 2010. The purpose of this was to make fun of Bitcoin, which is the most popular and oldest digital asset.
Elon Musk, CEO of Tesla and once and currently the richest man in the world, began pumping the coin on Twitter in 2020 by posting memes, which resulted in an increase in value and a cult following for the cryptocurrency.
Since that time, both Musk and another billionaire investor named Mark Cuban have stated that the coin has the potential to one day be utilized as a genuine cryptocurrency for the purpose of making payments. The price of the asset is presently trading at a level that is 88% lower than its all-time high of $0.73, which was reached in November 2021.