Dogecoin
DOGEUSD,
supporters no longer appear able to count on Twitter to help elevate their dog-themed cryptocurrency’s image, or apparently its price.
As of Thursday evening, Twitter had switched back to its classic blue bird logo from a Shiba Inu image displayed earlier in the week, and the price for dogecoin dropped to $0.086 from $0.09 late Thursday, down 8.46% in the past 24 hours, according to CoinDesk data.
It was unclear whether the logo would change back once more, and Twitter didn’t respond to a request for comment when contacted by MarketWatch (unless an automatic reply with a poop emoji counts). Analysts, however, did suspect that the coin’s rally could give way to an ugly correction, and said it was unlikely that its recent move higher indicated a resurgence of the memecoin phase it enjoyed in 2021.
Elon Musk, owner and CEO of Twitter, has long been a supporter of dogecoin. It is currently the only digital asset that can be used to purchase merchandise from another of his companies, Tesla Inc.
TSLA,
In 2021, he jokingly called dogecoin a “hustle” on NBC’s “Saturday Night Live.”
But Musk’s enthusiasm for the token has come with hurdles. On Friday, he reportedly asked a U.S. judge to throw out a $258 billion racketeering lawsuit accusing him of running a pyramid scheme to support dogecoin.
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