DOGE Logo Lost On Twitter, Meme Coin Price Drops Immediately

Twitter again uses the blue bird logo after being changed to DOGE a few days ago. (Photo; Doc. Nomisma)

JAKARTA - The Dogecoin Community (DOGE) experienced a short but encouraging moment after tech billionaire Elon Musk removed the bird-shaped logo from Twitter Inc. Three days ago, Musk replaced the famous Twitter bird logo with DOGE avatar.

As a result, the price of Dogecoin rose nearly 30 percent to Rp1,500. However, the price of Dogecoin has fallen by about 7.89 percent over the past 24 hours to trade around Rp1,259 during the Asian trading session, according to Coinecko data.

Before Elon Musk turned Twitter's blue bird logo into a Dogecoin avatar, this meme coin was trapped in consolidation. The second-largest proof-of-work (PoW) blockchain after Bitcoin received a technically free ad on Twitter that has more than 200 million monetizable daily active users.

The owners of large coins or whales apparently took advantage of this momentum. It is known that Dogecoin's two largest "whalees" reduced their ownership by US$1.4 billion (Rp20.8 trillion) during the three days of DOGE images on the web Twitter.

The on-chain analytic platform Lookonchain has revealed a number of data related to Dogecoin. Reportedly, Dogecoin's two largest "whole" reduced their $1.4 billion holdings during the three days DOGE images appeared on the Twitter web. Although the two Dogecoin addresses were not properly named, Lookonchain has questioned whether they are closely related to Musk.

In addition, Musk had previously indicated that he had Dogecoin directly or indirectly. For example, Musk received payments via Dogecoin for his company, SpaceX, in space exploration after launching a satellite called Doge-1 to the moon. In addition, by the end of 2021 Musk announced that he had bought several Dogecoins for his young son X to become a "toddler holder".

As a result, the Dogecoin community hopes that this tech billionaire will add Doge as a form of payment on the social media platform. In addition, Musk has added Bitcoin as a tip program for content creators. With Musk's plan to turn Twitter into a mega Web3 protocol, Dogecoin is expected to be integrated as a form of payment in the future.