Main navigation

Dogecoin (DOGE) Plummets 9% as Twitter Restores Iconic Bluebird Logo, Replacing Dog Meme

Fri, 04/07/2023 - 08:52
article image
Alex Dovbnya
Dogecoin (DOGE) experienced 9% drop in value after Twitter restored its iconic bluebird logo, following brief period where Elon Musk replaced it with Doge meme, causing surge in interest and 30% increase in cryptocurrency's value
Dogecoin (DOGE) Plummets 9% as Twitter Restores Iconic Bluebird Logo, Replacing Dog Meme
Cover image via
Read U.TODAY on
Google News

Following a massive surge in interest and a 30% increase in value, Dogecoin (DOGE) plunged 9% after Twitter reverted to its iconic bluebird logo, replacing the Doge meme that was swapped in by Elon Musk earlier this week.

As reported by U.Today, the meme-inspired cryptocurrency skyrocketed in Google searches by almost 2,000% after Musk made the change, resulting in a brief moment where Dogecoin overtook Cardano (ADA) as the seventh most valuable cryptocurrency on

The initial logo change, which saw the well-known Twitter bird replaced by the Shiba Inu meme, pushed the meme coin back into the limelight after it experienced a very sharp price drop in 2022.

Despite a massive increase in Dogecoin searches, the meme coin's rally was rather modest, which prompted some market observers to question whether or not Musk is still able to manipulate the price of the cryptocurrency.

Ripple v. SEC: XRP Price Action Delayed Due to This, Former Lawyer Reveals
Apart from meme coin enthusiasts, hardly anyone was a fan of the new logo. Twitter users responded with mixed reactions to Musk's decision, with some finding it amusing while others speculated it was a belated April Fool's prank.

In the meantime, Elon Musk is seeking to dismiss a $258 billion class-action lawsuit accusing him, Tesla and the Dogecoin Foundation of fraudulently promoting Dogecoin on social media, arguing that the claims are "a fanciful work of fiction."

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at