- Twitter has changed its logo from that of Dogecoin to the original blue bird.
- The price of Dogecoin tanked by more than 9% over the past 24 hours.
The volatility that the broader digital currency ecosystem is known for came to play in the price of Dogecoin (DOGE) which recorded a massive slump as micro-messaging platform Twitter changed its logo back to its original Blue Bird.
Dogecoin price dropped at much as 9.17% over the past 24 hours to $0.08288. The current upshoot in the week-to-date price of the memecoin is hinged on the fact that it recorded a very massive rally over the week as driven by the Twitter-induced bullish sentiment.
Recall that the Shiba Inu breed of doge that represents the official branding and logo for the memecoin was used as the logo of the Twitter platform both on its web app and the mobile app. With hundreds of millions of users visiting Twitter on a daily basis, Dogecoin received its first official mega publicity since Elon Musk acquired the social media platform for $44 billion in cash last year.
When the billionaire, who doubles as the CEO of the world’s most valuable electric manufacturing company Tesla, acquired the firm, there had been insinuations that he will integrate Dogecoin into key aspects of the company. While many people were tipping the cryptocurrency to feature as part of the payment services the company plans to float, being a branding image for the top social media platform was an embrace too far for many to envisage.
Elon Musk is not the creator of Dogecoin, although he revealed last year that he was working with Dogecoin developers to debut enhancements that can benefit the entire community. The exact nature of the collaboration remains unknown, however, the fact that Musk has been a very vocal advocate of the cryptocurrency has earned him the status of the biggest Dogecoin promoter.
The Dogecoin Whale Dump Effect Post Twitter
Thriving in the digital currency ecosystem either as retail investors or a whale -with a very large tradable capital in digital currencies, – finding the perfect entry and exit is key. According to insights from top crypto analytics platforms, many Dogecoin whales benefitted immensely from the stunt in changing the platform’s logo to Dogecoin.
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Santiment said Dogecoin whales “seemed to have been showing some interest in very mild accumulation leading up to Elon’s DOGE logo replacement on Twitter. It was likely something was known by massive DOGE holders, eg. people close to him, and of course Elon himself. This is just speculation, of course, without knowing the identities of the owners of these addresses.”
Dogecoin is often regarded as a pump-and-dump token and with the massive rally printed this week, there is an expectation of a mega cool-off. What many who could not benefit from the current upsurge will be praying, for now, is that other opportunities like this come more often in the near future.
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