Dogecoin
DOGEUSD,
-0.47%
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,
-0.25%.
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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