Dogecoin saw significant and possibly short-lived gains after Twitter changed its logo from a blue bird to the logo the cryptocurrency, according to reports.
Dogecoin, which is the cryptocurrency format championed by Twitter owner Elon Musk, gained nearly 30% overnight after Twitter changed its logo to the Shiba Inu dog, according to CBS News.
But Barron’s reported that the surge was short lived as Dogecoin dropped 6%. As of Thursday, Dodgecoin has dropped further, dropping another 3.05% and worth just $0.090, according to Google’s Market summary.
Musk has dubbed himself the “Dogefather” and has referenced the cryptocurrency for years, including on Twitter and his “Saturday Night Live” appearance in 2021, according to Barron’s.
It was unknown if the logo change was meant to be permanent or if Twitter’s original “Larry T. Bird” would reappear on the site, according to CBS News.
When asked for comment, CBS News reported it received from Twitter an auto-reply with a smiling poop emoji.
On Monday, Musk tweeted a cartoon of the Dogecoin logo in the driver’s side of a car being pulled over by a cop looking at a license that featured a logo of “Larry T. Bird” and the dog telling the officer, “That is an old photo.”
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