Dogecoin experienced 9% drop in value after Twitter restored its iconic bluebird logo, following brief period where Elon Musk replaced it with Doge meme, causing surge in interest and 30% increase in cryptocurrency’s value

Following a massive surge in interest and a 30% increase in value, Dogecoin (DOGE) dropped 9% after Twitter went back to its iconic bluebird logo, replacing the Doge meme that was swapped in by Elon Musk earlier this week.

The meme-inspired cryptocurrency skyrocketed in Google searches by almost 2,000% after Musk made the change, resulting in a brief moment where Dogecoin overtook Cardano (ADA) as the seventh most valuable cryptocurrency on http://CoinMarketCap.com .

The initial logo change pushed the meme coin back into the limelight after it experienced a very sharp price drop in 2022.

Despite a massive increase in Dogecoin searches, the meme coin’s rally was rather moderate, which prompted some market observers to question whether or not Musk is still able to manipulate the price of the cryptocurrency.

Apart from meme coin enthusiasts, hardly anyone was a fan of the new logo. Twitter users responded with mixed reactions to Musk’s decision, with some finding it amusing while others speculated it was a belated April Fool’s prank.