REFERENCE IMAGE
The value of Dogecoin experienced a decline of up to 9% as certain individuals on Twitter noticed that the home buttons on the platform had reverted to the traditional blue-bird logo, following a brief period during which it was replaced by the dog meme associated with the cryptocurrency.
Starting from Monday, the upper left corner of Twitter’s homepage has displayed a cartoon of the Shiba-Inu, which serves as the visual representation of the Doge meme, according to various Twitter users.
Also Read: New Pricing Mechanism Launched! PNG And CNG Rates To Become Cheaper, Check Here
Elon Musk, who owns Twitter, has been a proponent of Dogecoin, a cryptocurrency originally created as a humorous concept in 2013. Tesla Inc., which he also oversees, accepts this currency as payment for its products.
When Bloomberg posed a query about the reinstatement of its bird logo, Twitter did not provide a response.
Following Twitter’s logo modification, Dogecoin reached a high of 10.5 cents on Monday before falling to as low as 8.4 cents.
On Monday, the Shiba Inu dog associated with Dogecoin temporarily supplanted Twitter’s blue bird as the social media platform’s logo, resulting in a market value increase of up to $4 billion for the meme coin.
Furthermore, Dogecoin currently holds a market capitalization of $13.7 billion. Prior to the announcement, the coin’s market value hovered around $10 billion.
After Twitter removed the Doge meme from its home button, the value of Dogecoin decreased by as much as 9%.
Also Read: Indian Dairy Industry Struggles to Meet Demand: Imports Likely to Increase
The board’s decision to establish a record date for 10:6 bonus shares and stock split led to a 5% upper circuit surge in the multibagger stock. Over the course of one year, the stock’s value increased by over 550%.
Forbes has ranked Elon Musk as the world’s second-wealthiest individual. He is a vocal advocate of cryptocurrencies and has exerted significant influence over the values of Dogecoin and Bitcoin in the past.
In October, Dogecoin’s value increased by over 100% after Musk, who has been dubbed “the dogefather” by retail traders, finalized a $44 billion agreement to acquire Twitter.
