Symbol

Dogecoin

Shiba Inu

Iconic

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">As suddenly as it appeared, the image of a Shiba Inu disappeared from Twitter on Thursday afternoon. Similarly, just as the previous change sent the associated Dogecoin surging, the removal of the dog picture sent it plummeting more than 8% by the time of writing.</p> 
<h3 id="dogecoin-plummets-after-twitter-returns-to-its-bird-symbol">Dogecoin Plummets After Twitter Returns to Its Bird Symbol</h3> 
<p>Early on Monday afternoon, the image of a Shiba Inu dog—the exact image used for Dogecoin—<a href="https://tokenist.com/doge-spikes-20-as-iconic-shiba-inu-replaces-twitters-bird/" rel="dofollow" class="deco-link">replaced Twitter’s iconic blue bird</a> in several places across the platform. The sudden change sent the price of DOGE surging and caused it to even surpass $0.10 at one point. Several traders, <a href="https://twitter.com/Tree_of_Alpha/status/1643180933233745924" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">including the one known as Tree of Apha on Twitter</a>, made substantiation amounts of money thanks to their quick reflexes.</p> 
<p>While refraining from making an official comment, Elon Musk, who previously called Dogecoin <a href="https://twitter.com/elonmusk/status/1113009339743100929" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">“probably his favorite cryptocurrency”</a>, posted several jokes referencing the event. He also referenced an old conversation with the Twitter user known as Chairman in which they joked about making the Shiba Inu the official mascot of the social media platform.</p> 
<p>The rally, however, came to an end as abruptly as it started. On Thursday afternoon Twitter users started reporting that the image of the Shiba Inu is gone and that the blue bird is back in its place. The change had an immediate effect on Dogecoin which plummeted by about 8% by the time of writing.</p> 
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<h3 id="musk-s-history-with-dogecoin">Musk’s History With Dogecoin</h3> 
<p>Elon Musk, who acquired Twitter in the second half of 2022 <a href="https://tokenist.com/twitter-shares-soar-10-as-musk-offers-to-complete-the-purchase/" rel="dofollow" class="deco-link">after a lengthy legal back-and-forth</a>, has a long history with the “meme” cryptocurrency. Apart from calling it his favorite digital asset, he, on several occasions, made posts that directly influenced the price of DOGE and other dog-themed coins.</p> 
<p>The other 2023 rally of dogcoins was kickstarted after the billionaire <a href="https://twitter.com/elonmusk/status/1625695877326340102?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1625695877326340102%7Ctwgr%5Ef5b9dee20a41abdf599d4b2ec63132af8329c6af%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.coindesk.com%2Fmarkets%2F2023%2F02%2F15%2Fcanine-crypto-coins-jump-after-elon-musk-sends-doge-themed-tweet%2F" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">tweeted a picture</a> of a dog photoshopped into the role of Twitter’s CEO. The actions have also led to some lawsuits and Musk’s lawyers recently<a href="https://www.reuters.com/legal/elon-musk-seeks-end-258-billion-dogecoin-lawsuit-2023-04-01/" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link"> asked the court to dismiss a suit</a> accusing the billionaire of building a pyramid scheme using Dogecoin.</p> 
<p>Musk has also faced scrutiny for his impact on other assets. In the early stages of his Twitter acquisition, he was accused of “stock manipulation” by the platform’s investors. He was also <a href="https://www.sec.gov/news/press-release/2018-219" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">sued by the SEC</a> for “false and misleading” tweets that affected the price of Tesla’s shares. Furthermore, Musk once managed to drop Bitcoin’s value by 10% by announcing his car company would no longer be accepting payments in the cryptocurrency.</p> 
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<p><strong><em>What will be Musk’s next DOGE-inspired antic? Tell us what you think in the comments below.</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/dogecoin-plummets-7-as-twitter-returns-to-its-iconic-bird/">Dogecoin Plummets 7%+ As Twitter Returns to Its Iconic Bird</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Dogecoin Plummets 7%+ As Twitter Returns to Its Iconic Bird

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