Dogecoin (DOGE) Struggles, Drops 9% After Elon Musk Twitter Buyout
April 27 2022 - 3:56AM
NEWSBTC
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. Suggested
Reading | Dogecoin (DOGE) Trading Volume Plunges – Here’s Why 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
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