The Doggy Coin Fiasco – What Really Happened During Musk’s Twitter Logo Change?

04/07/2023 03:12 • Daily Digest • 86 views

According to reports, chain analyst Lookonchain tweeted that during Musk’s change of Twitter’s logo from Blue Bird to Doggy (April 4) and then to Blue Bird (April 7), two of the top five holders of Doggy Coin, the Giant Whale, reduced their holdings of approximately 1.4 billion DOGE (approximately $121 million).

Data: Since April 4th, 2 out of the top 5 giant whales in Dogcoin have reduced their holdings by approximately 1.4 billion DOGE

In recent news, Elon Musk’s Twitter account has been the topic of discussion in the cryptocurrency world. Specifically, the sudden change of his account’s logo from a blue bird to a dog has caused a stir among Doggy Coin investors. In this article, we will explore what happened during this tumultuous time and how it affected Doggy Coin.

Understanding Doggy Coin

Before delving into the event that occurred on Elon Musk’s Twitter account, let us first understand what Doggy Coin is. Doggy Coin is a cryptocurrency created in 2013 as a joke by software engineers Billy Markus and Jackson Palmer. It is based on the popular online meme Shibu Ina, a Shiba Inu dog. Despite its origins as a joke, the cryptocurrency has gained a significant following and has been used for several charitable causes.

The Twitter Logo Change

On April 4th, Elon Musk changed his Twitter logo from a blue bird to a Shiba Inu dog. This immediately caught the attention of Doggy Coin investors, who saw it as a bullish signal for the cryptocurrency. As a result, the price of Doggy Coin increased by over 30% in just a few hours.
However, just three days later, on April 7th, Musk changed his Twitter logo back to the blue bird. This sudden shift caused the price of Doggy Coin to drop by approximately 25%.

The Lookonchain Reports

After the Twitter logo change fiasco, Lookonchain, a top blockchain analysis firm, tweeted that two of the top five holders of Doggy Coin, known as Giant Whales, reduced their holdings of approximately 1.4 billion DOGE (approximately $121 million). This sudden selloff caused panic among Doggy Coin investors, who feared a price crash.

The Aftermath

The Lookonchain reports triggered a wave of speculation and frenzy among Doggy Coin investors. However, it is crucial to understand that the selloff was not necessarily related to Elon Musk’s Twitter logo change. The Giant Whales may have had their own reasons to sell, such as taking profits or reallocating their investments.
In conclusion, the Doggy Coin fiasco surrounding Elon Musk’s Twitter account was a prime example of how hype can influence the cryptocurrency market. It is essential to conduct thorough research before investing in any cryptocurrencies and avoid making hasty decisions based on hype or rumors.

FAQs

1. Is Doggy Coin a good investment option?
While Doggy Coin has garnered a significant following, it is crucial to conduct thorough research and make informed investment decisions.
2. Was the sudden change in Doggy Coin’s price solely due to Elon Musk’s Twitter logo change?
No, the selloff by the Giant Whales may have been unrelated to Musk’s Twitter logo change, and it is essential to avoid making assumptions based on rumors or speculation.
3. What should investors keep in mind before investing in cryptocurrencies?
Investors should conduct thorough research, analyze market trends, and avoid making hasty investment decisions based on hype or rumors.

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