Dogecoin Dives 7.7% as Twitter Dumps Shiba Inu Logo

Dogecoin had a massive bull run this week, inking 30% in the green in a matter of hours.

Elon Musk is gazing at the green and blue Planet Earth, thinking what stunt to pull next
  • Elon Musk changes the Twitter logo back to the original bluebird.
  • Two heavy whales cashed out during the three days with the DOGE logo.
  • DOGE plunged 7.7%, moving in a protracted descent for two days.

Twitter and Tesla CEO Elon Musk decided to switch back to the classic bluebird logo today. This comes after three days since the DOGE mascot, also known as the original Shiba Inu meme, adorned the popular microblogging social platform.

According to Musk, the bold move was done to carry out a promise to his friend WSB Chairman. Further, the unexpected stunt by the billionaire also gave birth to speculation that Dogecoin (DOGE) will become the default in-app payment method.

A Pair of Large Whales Quickly Dump $121M DOGE

At press time, the #8 ranked Proof of Work (PoW) blockchain crypto changes hands at $0.082230, according to CoinGecko. Plummeting by 7.7% in the last 24 hours, the canine coin is still 10.5% up in weekly terms, while the monthly charts indicate similar growth of 10.8% in the last 30 days.


However, the recent downward trend for DOGE might be closely linked to the fact that two out of the five largest DOGE whales decided to sell off most of their holdings. Firstly, the former fifth biggest whale “DDuX” got rid of a whopping 1.1B DOGE, which equaled $95.2 million at the time of selling.

The third largest Dogecoin whale “D8ZE” then sold off 300 million in DOGE, totaling $28.6 million at the time of the transaction. Naturally, the curious community of Crypto Twitter started asking questions.

On The Flipside

  • The Chair of the Dogecoin Foundation hasn’t responded to requests for comment yet.
  • The on-chain signals suggest a 9.11% increase in profitable DOGE holders.
  • Despite the correction, DOGE holds above the crucial $0.08 support level.

Why You Should Care

Dogecoin (DOGE) is the largest PoW (Proof of Work) blockchain excluding the leading digital asset Bitcoin (BTC).


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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.