Dogecoin falls 9% as Twitter's blue birdie returns

Dogecoin shares fell close to 9 per cent after Twitter reverted back to its iconic blue-bird logo after a few days of being replaced by the dog meme which is associated with the cryptocurrency.

It was on Monday that users started to see the Shiba-Inu cartoon that is the visual representation of the Dog meme on the left corner of the social media platform's homepage replacing the blue birdie that has been a symbol for Twitter for a while. The move came as a surprise to many, and there is still no clarity on why Musk made the change. Some speculate that it could be related to the $258 lawsuit against Musk by Dogecoin investors. Others thought it might be a late April Fool's prank by the billionaire.

Dogecoin shares

The shares of Dogecoin fell to almost 8.4 cents, in comparison to 10.5 cents it had reached on Monday after Twitter changed the symbol of the blue birdie.

Twitter Chief Elon Musk has for a long time been a supporter of Dogecoin, a cryptocurrency that was created as a joke in 2013. The cryptocurrency was accepted as payment for merchandise at Tesla Inc. another company led by Musk.

Musk's Joke and Its Connection to the Logo Change

After changing the Twitter bird logo to Dogecoin, Musk also joked about it. He shared an old screenshot in which he engaged in Twitter banter with a user, who said that Musk should buy Twitter and change the logo to a Doge. Sharing the screenshot, he said, "as promised," he has changed the logo of the company.

Twitter did not respond to media's questions on the restoration of its bird logo.