Dogecoin Tanks 8% After Twitter Removes Logo From Its Homepage

The removal of Dogecoin’s mascot comes just days after Elon Musk’s Twitter put it up on its homepage on 3 April. The move caused a massive spike in DOGE’s price and daily trading volume. The memecoin gained more than 30%, reaching as high as $0.101 within hours. By 4 April, DOGE had reached $0.102, nearly missing out on its four-month high. Meanwhile, its daily trading volume went from $526 million to a whopping $5.6 billion, before settling down at around $1.3 billion. 

Crypto Twitter was quick to interpret DOGE’s logo on Twitter as a sign of the memecoin potentially becoming a mode of payment on the social media platform. Some argued that it was likely a belated April Fool’s prank. CEO Elon Musk took to Twitter on April 4 to clarify the logo change. He cited a Twitter thread from March last year, wherein a user had suggested that Musk should buy the company and “change the bird logo to a doge”. 

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