Dogecoin Erases Elon Musk-Driven Profits
Dogecoin is down more than 10% and is underperforming other cryptocurrencies
According to CoinMarketCap, the price of Dogecoin, the largest meme coin, has fallen by more than 13% in the past 24 hours.
Image by coinmarketcap.com
It is now on the brink of exiting the top 10 after wiping out the lion’s share of Elon Musk-driven profits. The cryptocurrency is currently valued at $18.6 billion.
As reported by U.Today, Dogecoin went on a massive rally last Monday after the cent millionaire finalized its controversial $44 billion buyout deal with the social media giant.
The tech mogul’s favorite cryptocurrency is expected to feature prominently on Twitter. Musk has already floated the idea of making Twitter Blue subscribers pay using the erratic cryptocurrency. In addition, he claimed it would be “nice” to be able to send tips using the meme coin.
However, the Twitter deal itself became a “buy the rumor, sell the news” event for Dogecoin.
Musk has yet to take the reins of the influential social media platform. The transaction is expected to close later this year.
Dogecoin is the biggest laggard among the top cryptocurrencies at the time of writing, but the rest of the market is also in correction mode.
Bitcoin price plunged to an intraday low of $37,868 on the Bitstamp exchange earlier today, hitting its lowest level since March 14.
Terra (LUNA) and Cardano (ADA) were down 8% and 6.5% respectively.
The total market value of cryptocurrency has shrunk to $1.77 trillion after the most recent sell-off.