Dogecoin Erases Elon Musk-Driven Gains

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Alex Dovb­nya

Doge­coin has plunged more than 10%, under­per­form­ing oth­er cryptocurrencies 

The price of Doge­coin, the largest meme coin, has plunged by more than 13% over the past 24 hours, accord­ing to CoinMarketCap.

CMC
Image by coinmarketcap.com

It is now on the verge of leav­ing the top 10 after eras­ing the lion’s share of Elon Musk-dri­ven gains. The cryp­tocur­ren­cy is cur­rent­ly val­ued at $18.6 billion. 

As report­ed by U.Today, Doge­coin went on a mas­sive ral­ly last Mon­day after the cen­bil­lion­aire final­ized his con­tro­ver­sial $44 bil­lion buy­out deal with the social media giant.

The tech mogul’s favorite cryp­tocur­ren­cy is expect­ed to play a promi­nent role on Twit­ter. Musk has already float­ed the idea of let­ting Twit­ter Blue sub­scribers pay with the help of the whim­si­cal cryp­tocur­ren­cy. On top of that, he claimed that mak­ing it pos­si­ble to send tips with the help of the meme coin would be “nice.”

How­ev­er, the Twit­ter deal itself end­ed up being a “buy the rumor, sell the news” event for Dogecoin. 

Musk is 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.

The Bit­coin price slumped to an intra­day low of $37,868 on the Bit­stamp exchange ear­li­er today, reach­ing the low­est lev­el since March 14.

Ter­ra (LUNA) and Car­dano (ADA) are down 8% and 6.5%, respectively.

The total cryp­tocur­ren­cy mar­ket val­ue has shrunk to $1.77 tril­lion after the most recent sell-off.

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