Dogecoin has fallen more than 10%, underperforming other cryptocurrencies
According to CoinMarketCap, the largest meme coin, Dogecoin, has lost over 13% in price in the past 24 hours.
It is now on the verge of exiting the top 10 after wiping out the lion’s share of the profits driven by Elon Musk. The cryptocurrency is currently valued at $18.6 billion.
Dogecoin rallied in a big way last Monday, as U.Today reports, when the billionaire finalized his controversial $44 billion buyout deal with the social media giant.
The tech mogul’s favorite cryptocurrency is expected to play a major role on Twitter. Musk has already pitched the idea of paying Twitter Blue customers with the help of whimsical cryptocurrencies. On top of that, he claimed that it would be “nice” to make it possible to send suggestions with the help of meme coins.
However, the Twitter deal itself ended up being a “rumour buy, sell news” phenomenon for Dogecoin.Musk has yet to take over the reins of the influential social media platform. The transaction is expected to close by the end of 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 a correction mode.
The price of bitcoin fell to a low of $37,868 on the Bitstamp exchange earlier today, hitting its lowest level since March 14.
Terra (LUNA) and Cardano (ADA) are down 8% and 6.5%, respectively.
The total cryptocurrency market cap has dropped to $1.77 trillion after the most recent sell-off.