Dogecoin (CRYPTO: DOGE) traded 3.8% lower at $0.243 at press time late Thursday — failing to shoot up despite Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s tweets.
What Happened: Dogecoin is still outperforming the wider market, with cryptocurrency market capitalization dropping 4.28% lower to $1.38 trillion. Bitcoin (CRYPTO: BTC) traded 4.1% lower at $33,457.27 and Ethereum (CRYPTO: ETH) traded 7% lower at $2,100.50. Dogecoin traded 0.9% higher against BTC and 4% higher against ETH as of press time.
Why It Matters: Musk put out a number of Dog-themed tweets on Thursday including one where he said “dogz rūl” and another Godfather-themed post with the text “Release the Doge!”
See Also: How To Buy Dogecoin (DOGE)
While Musk’s second dog-themed tweet caused an initial surge in Dogecoin, the Shiba Inu-themed cryptocurrency remains overall subdued this week and is down 9.29% in the period.
Musk revealed this week that his Shiba Inu will be named Floki, which led to the emergence of a new cryptocurrency by the same name.
Even so, DOGE is up 5,107.87% since the year began, but has fallen 66.62% since it touched an all-time high of $0.74 in May.
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