Twitter dumped Dogecoin’s mascot from its homepage in favor of its classic blue bird.
The removal of the iconic DOGE Shiba Inu prompted the memecoin to tank by more than 8%.
Dogecoin’s market cap grew by $4 billion after its logo went live on Twitter earlier this week.
Dogecoin’s display on Twitter came to an end earlier today after the social media platform took down the memecoin’s iconic Shiba Inu mascot and replaced it with their blue bird. The logo was put up on Twitter’s homepage earlier this week and was visible to select users. Seeing DOGE’s logo sparked considerable excitement and speculation among the crypto circles on Twitter.
Dogecoin loses a billion dollars in market capitalization
Twitter’s decision to take down DOGE’s logo from its homepage prompted the memecoin’s price to tank by as much as 8.4%. According to data from CoinMarketCap, the memecoin’s market capitalization went down by nearly a billion dollars within a matter of hours. The price went from $0.091 to $0.085, before recovering to $0.086.
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”.