Dogecoin (DOGE) Struggles, Drops 9% After Elon Musk Twitter Buyout
Dogecoin struggles to maintain its momentum, dropping steadily by 9%. And it seems investors are letting the chips fall where they may.
Following the announcement that Elon Musk would buy Twitter, DOGE soared 26% and everything went bullish especially after the news that the Tesla CEO bought Twitter for $44 billion.
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Musk Shakes Things Up For DOGE
Apparently, the popular meme coin had a sharp spike in April 5 when Musk decided to join Twitter’s board with a 9.2% stake. Now, DOGE is losing all the gains and dropping hard in a short span of time.
It seems that the buy pump following the Twitter acquisition of Musk was practically short-lived. Today, DOGE is slipping fast at 9%, according to CoinMarketCap. Currently, the DOGE value is a little above $0.14 per coin which reached its peak yesterday at around $0.1667.
In the early months following its launch, DOGE surged and it even peaked at above $0.73 in May 2021.
Since then, Dogecoin has had difficulty gaining traction despite being perpetually linked to the self-acclaimed “Dogefather” Musk.
His clever memes and tweets stir more attention for dog-inspired meme coins.
DOGE total market cap at $18.10 billion on the weekend chart | Source: TradingView.com
Most Popular Dog-Inspired Meme Coin
Dogecoin was a dog-inspired coin (Shiba Inu dog in particular) created as a joke. It was swiftly created in a matter of three hours.
After its creation, Musk was very open about his support to DOGE (and other digital tokens), being what he calls as the people’s crypto.
His snaps at Twitter directly impacts DOGE price. The centibillionaire’s influence on the crypto is definitely beyond hype because he can step on the gas and the brakes and it all just happens like clockwork.
Suggested Reading | Dogecoin (DOGE) Jumps 30% After Elon Musk Buys Twitter
DOGE On Twitter
A lot of Dogecoin followers expected that Musk buying Twitter will help speed up DOGE’s tempo. It did for like 24 hours but the excitement and interest quickly dissipated.
DOGE on Twitter is certainly something to look forward to.
Currently, Twitter already allows tipping using Bitcoin and Ethereum. The social media juggernaut also allows customers to use their Ethereum NFTs as profile photos, being a part of their premium subscription.
With the addition of Dogecoin, customers will have more options in payments.
Majority of cryptos are down by 3% at the moment. Shiba Inu has even slipped further down at 3% in the last 24 hours.
Meanwhile, the Shiba Inu coin is now set at a market value of $0.00002326. It’s all looking a little bleak at the moment for the crypto world but better days are ahead.
Featured image from The Motley Fool, chart from TradingView.com