The value of Dogecoin, the popular cryptocurrency that has taken the internet by storm, has experienced a significant drop of up to 9.5% following Twitter’s removal of the Dogecoin meme symbol from its homepage.
As of Friday, April 7, CoinGecko reports that Doge is trading at $0.082.
The sudden plunge in value came just days after Twitter’s owner and billionaire entrepreneur, Elon Musk, unexpectedly changed the social network’s logo to feature a Shiba Inu dog, which is the unofficial mascot of Dogecoin.
The move was accompanied by a change in animation and was met with widespread enthusiasm, causing the DOGE rate to surge and reach $0.10.
Elon Musk has long been known for his love of Dogecoin and has frequently contributed to its growth through his messages and statements.
However, his support has also landed him in legal trouble, with one lawsuit demanding compensation in the amount of $258 billion for his promotion of the meme cryptocurrency.
Despite his lawyers’ efforts to have the case dismissed, the trial is ongoing.
Nevertheless, Dogecoin remains a popular and volatile cryptocurrency, with its future value uncertain as it continues to attract attention from investors and enthusiasts alike.