Dogecoin’s momentum is slipping by 9% as it struggles to keep up its pace. Investors seem to be letting the chips drop where they might.
DOGE rose 26% after Elon Musk’s announcement to buy Twitter. DOGE also surged by 26% following the Tesla CEO purchase of Twitter at $44 Billion.
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Musk Makes Things Happen 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. DOGE now has a rapid decline and is losing all its gains.
The buy-pump that followed Musk’s acquisition of Twitter was short-lived. According to CoinMarketCap, DOGE has fallen at around 9% today. The current DOGE price is just above $0.14, which was close to $0.1667 yesterday.
DOGE surged in the initial months of its launch and even reached $0.73 by May 2021.
Since then, Dogecoin has had difficulty gaining traction despite being perpetually linked to the self-acclaimed “Dogefather” Musk.
His smart memes and tweets have attracted more attention to dog-inspired meme currencies.
DOGE market capital at $18.10 Billion according to the Weekend Chart | Source: TradingView.com
Most popular dog-inspired meme coin
Dogecoin is a humorous dog-inspired currency (Shiba Inu dogs in particular). In just three hours, it was created.
Musk expressed his support for DOGE (and all digital tokens) after its creation. This is what he refers to as “the” people’s crypto.
Twitter’s snaps have a direct impact on the DOGE market. 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.
Suggestions for Reading: Dogecoin, DOGE (up 30%) after Elon Musk buys Twitter| 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. The excitement was there for 24 hours. However, it quickly faded away.
Doge on Twitter is definitely something you should look forward too.
Twitter currently allows you to tip using Bitcoin or Ethereum. Customers can also use their Ethereum NFTs to create profile pictures as part of their premium subscription.
Customers will now have more payment options with the addition of Dogecoin
Majority of cryptocurrency prices are currently down by 3 percent. Shiba Inu is even further off at 3% within the last 24 hour.
The market price of the Shiba Inu Coin is currently $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