Dogecoin was one of Thursday’s biggest movers, as the meme coin fell by as much as 9%. The decline comes as market sentiment begins to shift, following huge gains to start the week. Litecoin was also in the red today, with prices hovering near the $90.00 level.

Dogecoin (DOGE) has experienced an 8.6% drop in value within the last 24 hours, signaling that a price correction may be underway. The decline comes after Twitter CEO Elon Musk briefly pumped up the value of the meme cryptocurrency by changing the social media site's logo to a picture of Doge.

Dogecoin whales have been moving millions of dollars worth of DOGE ever since Elon Musk, the CEO of Tesla, decided to change the Twitter icon to the Dogecoin logo. Over $182 million worth of the largest meme coin was moved within a few hours this week amid its sudden surge in price.

"I made $1.1 million in 30 minutes on an $8 million total position size," A crypto trader who goes by "Tree of Alpha" on Twitter said.

In a series of tweets the pseudonymous cryptocurrency strategist Kaleo shared with their over 500,000 followers on the microblogging platform, they revealed that $DOGe has broken out above its high time-frame downtrend, and could be targeting the $0.25 mark, in a price rally that would more than double its current value of $0.097.

Bitcoin maximalist Jimmy Song has accused Elon Musk of pumping the price of Dogecoin (DOGE) for his own goals after the Tesla and Twitter CEO changed his Twitter icon to the DOGE logo. Song believes that Musk's move was a ploy to settle his financial obligations after acquiring Twitter, rather than a show of support for the asset. The price of DOGE climbed more than 22% in a matter of minutes after the logo change, bringing its market capitalization to the highest level since December 2022. Dogecoin has managed to retain the price acquired at the time of the icon update, currently changing hands at $0.10.

Dogecoin's derivatives market has become more active as prices rose following Twitter's decision to replace its blue bird logo with a Shiba Inu dog picture. Open interest in stablecoin-margined dogecoin futures contracts surged to almost 6 billion DOGE tokens, setting a lifetime peak of $600 million worth of dogecoin in unsettled futures positions. Coin-margined contracts on dogecoin saw over $55 million in total open interest. Stablecoin-margined contracts are better suited to risk-averse traders and for hedging, while coin-margined contracts are preferred by aggressive traders, especially during bull runs.

A recent analysis of Google search data has found that searches for the meme-inspired cryptocurrency Dogecoin ($DOGE) exploded nearly 2,000% in the past seven days after Twitter switched its logo to DOGE’s Shiba Inu, which led to a surge in buying interest.

According to recent stats from data aggregator Coimarketcap, Doge was able to beat Cardano to become 7th largest crypto in terms of market cap.