The party seems to be over for memecoin Dogecoin as the DOGE price tanked by over 9% just after Twitter restored its original blue bird logo. As of press time, DOGE is trading at a price of $0.085 and a market cap of $11.8 billion.
Earlier this week on Monday, Twitter owner and billionaire Elon Musk changed the Twitter logo to a Shiba Inu “meme”. It was enough to create a massive euphoria within the Dogecoin community pushing the DOGE price all the way up to 10 cents.
As we know, Elon Musk has been an ardent supporter of Dogecoin. Explaining his move, he said that the change in the logo was just to keep a promise on his earlier conversation with a Twitter user.
The dogecoin community has pretty high hopes from Elon Musk that he would make DOGE the currency of Twitter in the future. However, it could also mean attracting regulatory scrutiny and no one is sure enough, how will Musk pull this off.
With more than a 30% price surge in a single day, the DOGE social volumes shot up significantly. Two days ago, popular crypto analyst Ali Martinez had already warned of a possible retracement.
On-chain data provider Santiment shared some interesting insights behind this week’s DOGE price rally. Santiment explains how Dogecoin whales close to Elon Musk cashed out on the Dogecoin (DOGE) price pump. The report notes:
Most know by now that when Elon does something on Twitter, it’s usually for the purpose of getting laughs, attention, or money. Perhaps in this case, all three were achieved.
Santiment explains that there were plenty of signals suggesting how top players were getting out of the asset while taking heavy profits. It explains how the three major metrics surged all at the same time.
The Santiment report adds: “When these three metrics all spike together during a time when the asset is going on a decoupled surge independent from the rest of the markets, it’s a pretty solid bet that a local top is nearly always forming here, and profit taking yourself is a wise decision”.
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