Dogecoin Continues to Fall Amid Musk’s Early Twitter Controversy
According to statistics from CoinMarketCap, the price of Dogecoin, the top meme cryptocurrency is down 4.71 percent during the last 24 hours.
The Bitcoin spoof has dropped around 24% of its value after reaching a high of $0.158 on the Binance market following a 1,000% surge. At press time, the price of the meme cryptocurrency is $0.123.
According to U.Today, a Platform report regarding the social networking platform discontinuing the development of its own cryptocurrency wallet recently dampened Dogecoin’s phenomenal run. After Musk’s takeover, the market believed Twitter started to scale down its crypto initiatives.
Musk’s job as “Chief Twit” is off to a poor start, which is certainly impacting the price performance of the meme currency. Musk recently utilized his account with 110 million followers to spread harmful right-wing propaganda and slashed the staff of Twitter by half.
Musk is also attempting to compel verified Twitter users to subscribe to the new Blue service and pay $8 per month. It looks to be a last-ditch effort to preserve the struggling corporation, which is now losing money at an alarming pace.
The controversial billionaire further said that Blue subscribers will have precedence in the answers, stifling opposing opinions and amplifying disinformation.
Advertising provides for up to 90 percent of Twitter’s yearly income, and Musk is extremely unlikely to use paid memberships to cover significant losses. As Twitter’s future becomes more unclear, it seems that Dogecoin’s ambitions are taking a back seat.