Dogecoin [DOGE] exits as Twitter bird makes a comeback
- Dogecoin officially exits Twitter as the bluebird reclaims its position
- The memecoin saw its price drop immediately after its removal from the social media platform
Twitter has removed the Dogecoin [DOGE] logo just days after giving it the position of the famous bird. The sudden removal has resulted in the coin’s price moving south in the crypto market. According to CoinMarketCap, Dogecoin registered a slump of over 6% in the past hour, with the coin trading at $0.08595, at press time. The coin’s trading volume was over $1 billion in the past day and was still trading in green in the seven-day calendar with an uprise of over 15%.
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Moreover, the recent update has increased the long position on the coin, according to the one-hour chart on Coinglass. The exchange long/ short ratio was 1.05, with buyers holding a 51.13% position and short sellers holding a 48.87% position. This shows that buyers have started to enter the market for DOGE.
Dogecoin’s Shiba Inu featured on Twitter
The coin, which features the face of a Shiba Inu dog, witnessed its price jump in the market on Monday after Elon Musk’s Twitter made it its logo. The change was made on both the website and mobile application. Notably, Twitter did not release a statement on the change of the logo and the reversal of its decision today.
On the change to the Dogecoin symbol, Elon Musk referred to a conversation he had with fellow Twitterati back in March 2022. The user suggested Musk buy Twitter and change the logo to Doge. In a recent Tweet, Musk said,
As promised pic.twitter.com/Jc1TnAqxAV
— Elon Musk (@elonmusk) April 3, 2023
Musk and his DOGE trouble
Notably, Twitter changed the symbol to DOGE days after Elon Musk’s lawyers asked a US judge to dismiss a lawsuit filed against him with regard to the memecoin. A Dogecoin investor alleged that the billionaire ran a pyramid scheme to promote and manipulate the cryptocurrency. The lawsuit also extends to Musk’s electronic car manufacturing firm – Tesla, his space tourism firm – SpaceX, and other platforms.
The investor claims that Musk and his entities profited billions of dollars from Dogecoin at the expense of investors. This was because the coin’s price was mainly driven by marketing. As a result, the investor is seeking $258 billion in damages. However, Musk’s legal team wants to dismiss this lawsuit claiming that there was “nothing unlawful about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion.”