Dogecoin (DOGE) Struggles, Drops 9% After Elon Musk Twitter Buyout

Christian Encila

3 years ago

3 mins read

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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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.