Dogecoin's sharp rally fades after brief burst of enthusiasm around Twitter's new Shiba Inu logo

• Dogecoin has fallen 8% over the past 24 hours following a huge meme-coin rally earlier this week.
• The rally came after Elon Musk's Twitter replaced its new homepage icon to a picture of a Shiba Inu, a nod to the joke token.

Dogecoin (DOGE) has shed 8% in the past 24 hours after rallying on Twitter's new homepage icon, a picture of a Shiba Inu and nod to the cryptocurrency.

The meme coin is trading at $0.086, after notching $0.1 earlier this week, the token's highest price since early February.

Dogecoin soared as much as 30% on Tuesday after the social media platform's famed bird logo was replaced with the token's mascot.

Twitter owner Elon Musk, whose public comments regularly change the token's price, has been touting dogecoin for years. In the past, the Tesla exec suggested the crypto, which was created as a joke, may offer better payments functionality than bitcoin.

When Insider reached out for comment on the matter, Twitter's press email auto-responded with a single poop emoji. (Twitter's communications team was reportedly some of the first employees to be axed during the company's widespread layoffs.)

The price surge also follows a request from Musk's lawyers to throw out a $258 billion lawsuit, that accused him of manipulating dogecoin's price and hiking it over 36,000%. Attorneys for the billionaire are calling these claims a "fanciful work of fiction," according to court filings.