The most popular meme asset on the market is coming back down to Earth as billionaire Elon Musk reverts Twitter’s logo back to its iconic blue bird.
Twitter’s return to its traditional logo sent Dogecoin (DOGE) crashing after it mounted a 30% rally earlier this week due to the chief executive using DOGE’s logo as the Twitter icon.
Dogecoin is trading for $0.0821 at time of writing, an 8.7% dip during the last 24 hours and a 19.5% decrease from its seven-day high of $0.102 set on April 3rd.
Previously, after changing his photo to include DOGE, Musk referenced one of his old tweets from before this purchase of Twitter where he joked with others about changing Twitter’s logo to that of Dogecoin. Citing the tweet, Musk says the change came “as promised.”
Musk, who has a history of endorsing the dog-themed meme token, is currently in the middle of a legal battle over allegedly illegally driving up the price of the asset over the span of two years and then letting it crash.
However, Musk’s attorneys contend that the lawsuit should be thrown out as his tweets about DOGE over the years were memes or jokes and that Dogecoin is a legitimate asset with a multi-billion-dollar market cap.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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