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 CoinMarketCap.com.
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.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."