Blockchain tracking firm Lookonchain reported that the price of Dogecoin (DOGE) increased by approximately 30% after Elon Musk changed Twitter’s Bluebird logo to DOGE’s icon on Tuesday. However, the price of DOGE dropped by around 6% after Musk changed Twitter’s logo back to Bluebird.
The tweet also stated that two of the top five DOGE holders offloaded around 1.4 billion DOGE ($121 million) during this period. DOGE’s price has further dropped by 7.36% in the last 24 hours, currently trading at $0.0853, down from $0.08940. Despite this, DOGE’s weekly price performance remains positive, up 13.97%. Its market cap of $11.8 billion places it as the 8th biggest project in terms of market cap, behind Cardano (ADA) at $13.3 billion and ahead of Polygon (MATIC) at $10.1 billion.
Technical indicators suggest DOGE’s price may continue to fall in the next 24 hours, with a potential drop to $0.08117 before bulls keep the price within the ascending price channel.