The price of Dogecoin (DOGE) the largest meme coin has dropped by more than 13% in the last 24 hours underperforming other cryptocurrencies
Dogecoin Price Loses More Than 13%
According to CoinMarketCap, the price of DOGE, the largest meme coin, has dropped by more than 13% in the last 24 hours.
After erasing the majority of Elon Musk’s gains, it is on the verge of dropping out of the top ten. At the moment, the cryptocurrency is worth $18.6 billion.
Dogecoin experienced a massive rally last Monday, according to Coinscreed, after the billionaire finalized his contentious $44 billion buyout deal with the social media giant.
Elon Musk’s Twitter Purchase Saga
On Twitter, the tech mogul’s preferred cryptocurrency is expected to play a prominent role. Musk has already mentioned the possibility of allowing Twitter Blue subscribers to pay with the wacky cryptocurrency.
Furthermore, he stated that it would be “nice” if it were possible to send tips using the meme coin.
The Twitter deal, on the other hand, turned out to be a “buy the rumor, sell the news” scenario for Dogecoin.
Musk has yet to assume control of the powerful social media platform. The deal is expected to be completed later this year.
Crypto Market Face Correction
At the time of writing, Dogecoin is the biggest laggard among the top cryptocurrencies, but the rest of the market is also correcting.
On the Bitstamp exchange, the Bitcoin price fell to an intraday low of $37,868 earlier today, the lowest level since March 14.
Terra (LUNA) and Cardano (ADA), respectively, are down 8% and 6.5 percent.
After the most recent sell-off, the total cryptocurrency market value has dropped to $1.77 trillion.