The change of Twitter back to the blue bird symbol had an immediate impact on the price of Dogecoin in the cryptocurrency market.
According to Bloomberg, the price of Dogecoin dropped as much as 9% when some Twitter users noticed that the home button had returned to the blue bird symbol. Previously, this image was replaced with a dog meme associated with the Dogecoin cryptocurrency.
Currently, Dogecoin price has dropped to as low as 8.4 cents. By the time Twitter changed its logo, the price of this cryptocurrency had risen to 10.5 cents.
From April 3, users accessing Twitter on a web browser will see the social network’s icon transform into a Shiba Inu dog, the familiar avatar of Dogecoin.
Mr. Elon Musk, who runs Twitter, has been an early supporter of Dogecoin. This is a cryptocurrency created as a fun joke in 2013. However, Dogecoin can be used to pay for goods at Tesla and several other companies that Mr. Elon Musk heads.
Twitter has not yet responded to the reason for restoring its blue bird logo.
According to TechCrunch, Twitter’s logo change is like “a late 1/4 joke”. Changing icons on websites is nothing new. However, Musk’s actions could have a drastic effect on the price of Dogecoin.
Experts say the Tesla founder’s move could backfire. Elon Musk is showing that he can influence the price of cryptocurrencies with his actions on social media. Experts also do not rule out the possibility that this is Musk’s “price blow” so that he has money to offset the costs of operating Twitter.
According to Reuters, Elon Musk was also recently accused by Keith Johnson, a Dogecoin investor, of manipulating the price of this cryptocurrency. The defendant has claimed an amount of up to 258 billion USD. In the lawsuit, the world’s second-richest billionaire is accused of promoting Dogecoin to inflate the price and “discharge” the coin for personal profit.
In mid-2022, Mr. Jackson Palmer, co-founder of the Dogecoin project, also had a heated argument with Elon Musk on Twitter. He thinks that the head of Tesla is taking advantage of this cryptocurrency to make money dishonestly.