Dogecoin Dumping Gains From Elon Musk’s Twitter Buy, Down 9%


In brief

  • Dogecoin is down 8% so far today, shedding some of the price boost it saw on Monday.
  • DOGE popped on Monday upon news of Elon Musk acquiring Twitter.

Dogecoin had a banner day yesterday, with the leading meme cryptocurrency popping in value upon news that Tesla CEO and DOGE superfan Elon Musk would acquire Twitter. It pumped as much as 26% over a 24-hour span, reaching its apex in the afternoon after the official announcement about Musk’s $44 billion acquisition.

But today hasn’t been nearly as kind for Dogecoin. DOGE’s price has shed much of the upward price action seen yesterday afternoon after Musk’s Twitter purchase was officially confirmed, and it has now seen its price fall 9% over the past day, per data from CoinMarketCap.

Dogecoin’s price sits just above $0.14 per coin as of this writing, and peaked yesterday at $0.1677. However, the most valuable meme coin by market cap is now up about 4% over the last 30 days, which included a previous spike above $0.17 on April 5 when Musk joined Twitter’s board after buying a 9.2% stake in the firm.

As of this writing, Dogecoin is still down about 81% from its all-time high price above $0.73 set in May 2021, right before the wider cryptocurrency market crashed. It hasn’t come close to recapturing those gains after a surge in the early months of last year.

Elon Musk has been closely tied to the dog-inspired crypto coin for a couple years now, with his frequent tweets and memes often leading to price swings for DOGE. His support of Dogecoin is believed to have helped fuel its rise early last year, when the price popped above a penny for the first time and soared for months.

Some Dogecoin fans believe that once Musk will add Dogecoin payment support to Twitter once his acquisition of the social media platform is complete. Twitter already offers tipping via Bitcoin and Ethereum, and lets users display their Ethereum NFTs as verified profile pictures through its premium Twitter Blue subscription service.

The wider cryptocurrency market is currently down about 3% as of this writing. Rival meme coin Shiba Inu is down 3% over the past 24 hours at a current price of $0.00002326.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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