Dogecoin (DOGE) Falls By 9% As Twitter Restores Its Original Logo – NewsTo
Dogecoin (DOGE) Falls By 9% As Twitter Restores Its Original Logo

Dogecoin (DOGE) Falls By 9% As Twitter Restores Its Original Logo


As Twitter restores its original logo, the uproar surrounding Dogecoin (DOGE) rapidly diminishes. The data on the blockchain demonstrates how giants profited.

The celebration appears to be over for the memecoin Dogecoin, as the DOGE price dropped by over 9 per cent immediately after Twitter restored its original blue bird logo. As of press time, the price of DOGE is $0.085 and it’s market capitalization is $11.8 billion.

Elon Musk, the billionaire owner of Twitter, changed the Twitter logo on Monday earlier this week with a Shiba Inu “meme”. It was good enough to trigger widespread euphoria within the Dogecoin community, pushing the DOGE price up to 10 cents.

Relatable: Dogecoin’s Remarkable 30% Leap: Elon Musk’s Inspiring Twitter Logo Swap Triggers Incredible Market Buzz

As is well-known, Elon Musk has been an avid supporter of Dogecoin. He explained that the logo change was made in order to keep a promise made to a Twitter user in an earlier conversation.

The dogecoin community has high aspirations that Elon Musk will make DOGE Twitter’s official currency in the future. However, it could also result in regulatory scrutiny, and nobody knows how Musk is going to accomplish this.

Do Whales Near Elon Musk Dump Dogecoin (DOGE)?

With a price surge of over 30% in a single day, DOGE social volumes skyrocketed. Well-known crypto analyst Ali Martinez had already warned of the possibility of retracement two days prior.

Santiment, a provider of on-chain data, revealed some intriguing insights regarding this week’s DOGE price increase. Santiment explains how Elon Musk-affiliated Dogecoin billionaires profited from the Dogecoin (DOGE) price pump. The report describes:

Most people are aware that when Elon does something on Twitter, it is typically to gain laughter, attention, or money. Perhaps in this instance, all three objectives were met.

Dogecoin (DOGE) Falls By 9% As Twitter Restores Its Original Logo

Santiment explains that there were numerous signals indicating that major participants were exiting the asset while making substantial profits. It explains how the three main metrics increased simultaneously.

  • Circulation and Active Addresses.
  • The volume of trading and volume of transactions.
  • Whale Transactions.

 

The Santiment report adds, “When these three metrics all spike together during a time when the asset is on a decoupled surge independent from the rest of the markets, it’s a pretty solid bet that a local top is almost always forming, and profit taking is a wise decision.”

 



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