Dogecoin (DOGE) dropped in value after Twitter stopped using the cryptocurrency’s mascot as its logo. According to CoinDesk, it was recently down 7.3% to about 8.6 cents and got as low as 8.5 cents earlier in the aftermath of the change.
DOGE surged as high as 10.5 cents on April 3 after Elon Musk’s social-media company inexplicably shifted to using dogecoin’s Shiba Inu as its logo instead of its iconic blue bird.
An accidental crypto movement, DOGE was created by software engineers Billy Marcus and Jackson Palmer in late 2013. Palmer branded the cryptocurrency’s logo using a meme popular at the time that featured the deliberately misspelled word “doge” to describe a Shiba Inu dog.
DOGE’s most notable celebrity endorser was Elon Musk, Tesla CEO and possibly the world’s richest man. Musk first came into contact with DOGE back in September 2018 when he publicly enlisted the help of former dogecoin creator, Jackson Palmer, to combat Twitter scam bots that were impersonating Musk to steal people’s crypto.
Seven months later, Musk tweeted “Doge might be my fav cryptocurrency. It’s pretty cool,” in response to winning an April Fool’s Day poll to become the project’s newly elected CEO. Towards the end of 2020, Musk continued tweeting about DOGE, causing prices to increase by 25% on Dec 2020 after he posted “One word: DOGE.”
