Dogecoin (DOGE) has fallen more than 8% following the fading impact of Elon Musk and Twitter. Conversely, the digital asset has seen an intraday loss that has not been able to erase the gains brought on by Musk’s influence.
Earlier this week, Twitter replaced the iconic blue bird logo with the equally iconic DOGE meme. Subsequently, the digital asset pumped from the Musk effect and saw seven-day gaining streak. However, a recent decline has many worried about the price correction for the meme coin.
DOGE Sees Fading Elon Musk Effect
The self-professed Dogefather, Elon Musk, and Dogecoin are often linked together. Specifically, the billionaire has been outspoken about his admiration for the meme coin and its implementation. Subsequently, the billionaire set off a rally for the asset through his social media platform Twitter.
Yet, Dogecoin (DOGE) has fallen more than 8% in a continued decline after the impact of Elon Musk and Twitter. Conversely, the development has not been able to erase the positive gains brought about through the DOGE meme’s appearance on the social media platform.
Following the highly publicized logo change, Monday saw DOGE pump 20% in less than an hour, according to Decrypt. Moreover, CoinGecko noted that those gains are still intact despite the fall on the intraday chart. Moreover, the asset is still up more than 19% over the week.
Dogecoin is well known for its “Elon Musk effect”, with its price rapidly ascending and then receding through his involvement. Previously, in May of 2021, DOGE set an all-time high of $0.73 following the meme coins incorporation into Musk’s appearance on Saturday Night Live.
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