• 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.

🚨🐕 #DOGE Update:

Elon Musk’s Twitter activity continues to impact the price of $DOGE

After changing his profile picture to a dog, the price surged by 30%, but dropped by 6% when he changed it back.
Meanwhile, two of the top 5 $DOGE holders sold $121M worth of crypto. What’s… pic.twitter.com/LKz6yfZdo3

— Crypto Patel (@CryptoPatel) April 7, 2023

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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