Dogecoin, in the last two days, witnessed a substantial growth after Twitter CEO Elon Musk decided to put on a public display of affection (PDA) for the memecoin on an international level. However, in the last few hours, Dogecoin dropped in value by ten percent. A major reason behind this was Musk, who brought back the blue bird logo on Twitter, after briefly changing it to the DOGE logo earlier this week. This was not the first time that Musk’s support had pumped DOGE prices, but the crypto community members who invested in swollen Dogecoin may have lost some investment after its value started dropping again with Twitter’s original logo being back.
As per the crypto price tracker by Gadgets 360, the value of DOGE, at the time of writing, stood at $0.080 (roughly Rs. 6.75) after incurring a loss of nearly ten percent since early morning on Friday, April 7.
On April 4, the price of DOGE stood at $0.095 (roughly Rs. 7.81) after minting over 22 percent profits on the price chart.
This notable DOGE drop and its dependency on Musk’s advertising for occasional pumps have become topics of criticism amongst members of the crypto community. Crypto investors have accused Musk of manipulating the market with his influence.
@elonmusk Hi Elon,
It is getting very frustrating your latest #Dogecoin stunt.
All gains are disappearing what you caused. You must be aware how is your moves affecting Doge prices.
You have to clarify what is the Doge logo meant or will mean for the future on Twitter…
— T.Pecsi (@PecsiTamas1) April 7, 2023
Twitter logo changed back!
And just like that Elon Musk pumps and dumps #Dogecoin :joy:
What a committed passionate leader y’all have.
Waiting on the next Elon-induced $DOGE pump :rocket::saluting_face:
— MASON VERSLUIS :trophy::crystal_ball: (@MasonVersluis) April 6, 2023
Built on the Bitcoin blockchain, DOGE was launched as a joke in 2013 with the photo of Elon Musk’s pet dog of Shiba Inu breed as its logo. It touched its last known all-time high of $0.682 (roughly Rs. 55) on May 8, 2021.
Its price had sunk to as low as $0.0000869 (roughly Rs. 0.0071) on May 6, 2015 as per GlobalData.
Musk believes that DOGE has a better day-to-day utility value as compared to Bitcoin and hence the Tesla CEO has also referred to Dogecoin as the ‘people’s crypto’ in the past.
This time, the intention behind Musk replacing the Twitter logo with the DOGE logo on April 3 seemed to be pure fun, based on a banter Musk had years ago with a random twitter user.
Every time Musk endorses DOGE, its value shoots up instantly only to fall later. Dogecoin has seldom managed to retain his heightened prices amid the volatile nature of crypto.