After the Shiba Inu dog image was removed as the new Twitter logo, the price of Dogecoin has gone down by almost 10%. Crypto tracker, CoinGecko provided the data behind the Dogecoin value loss. On Thursday afternoon Eastern Time, the Shiba Inu dog image was removed as Twitter's logo on the mobile applications. However, the logo remains on the website version of Twitter. But that didn't stop the dip in Dogecoin's price. The price immediately dropped by about 6% one hour after removing the logo.
Before the logo removal, the price of Dogecoin had surged by more than 20% when the image of the Shiba Inu dog replaced the bird logo. The action by Elon Musk had immediately driven a bullish surge in the market, as traders immediately jumped at the opportunity to make profits. The meme coin continued to surge before the logo mysteriously disappeared from the mobile application. While the Twitter new logo has been removed, and the former bird logo on the mobile applications has been replaced it. Also read: New Furry Twitter CEO Sends Dogecoin And Shiba Inu Soaring.
Elon Musk Dogecoin Love Story
Elon Musk has been a big fan of Dogecoin since 2020 when he actively started talking about cryptocurrency. Apparently, the reason the billionaire changed Twitter's logo to that of Dogecoin was that he had promised a follower that he would do so when he purchased the platform. When he changed the logo of Twitter to a Shiba Inu logo, Elon Musk didn't care to explain why it disappeared. He just posted a meme and a photo signaling his promise to a follower before he took over the social media platform. Even now, he has removed the Shiba Inu dog logo from the platform, but the billionaire has not given an explanation yet.
Elon Musk pumping the meme coin with his antics started in 2020 when he referenced the coin as his favorite cryptocurrency. This mostly brought the coin to the limelight as it grew to have a large community due to Elon Musk's influence. Not only did Elon Musk bring many people to Dogecoin's community, but he also started getting people to talk about it as a payment platform.
Dogecoin as a Payment Method
BitPay CMO Bill Zielke spoke about the meme token in 2021 when he said that Dogecoin had the potential to become a payment cryptocurrency in the future. BitPay CMO mentioned its low fees and large community as some of the meme coin's advantages. "Very quickly it’s become a material coin for us. Because it has climbed in our network as fast as it has, there is utility there. And the fact that merchants are seeing thousands of transactions in Dogecoin, I would say it has utility. It also has an advantage Bitcoin or Ethereum doesn’t necessarily have at this time: Dogecoin has low fees. And when you combine a strong community with low fees, that’s a great recipe. I expect it to continue to grow, and that utility will get greater," BitPay CMO Bill Zielke said.
What BitPay CMO said in 2021 coincides with Elon Musk's plans for Twitter. The billionaire, after taking over the social media platform, revealed he was planning to integrate a payment feature on the app. It is not yet clear whether Dogecoin will be the major payment material for Twitter.