Dogecoin Unloading Gains From The Purchase Of Twitter By Elon Musk drops by 9%

Dogecoin, a famous and dominant meme cryptocurrency, popped up in value following news that Tesla CEO and Doge superfan Elon Musk would buy Twitter. It charged as much as 26% over a period of 24 hours, reaching its peak in the afternoon following the official announcement about Musk’s $44 billion purchase.

Musk’s Twitter acquisition triggered an upward price action for Dogecoin. However, that advantage has retracted by 9% in the last 24 hours, according to data obtained from CoinMarketCap.

Dogecoin’s price stands over just $0.14 per coin and only reached an apex of $0.1677 on the 25th of April. Nonetheless, the most treasured meme coin, according to market cap, is now above 4% over the last 30 days, which includes a previous rise above $0.17 on the 5th of April when Musk became part of the Twitter board after purchasing a stake in the firm of 9.2%.

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Dogecoin is still low, about 81% from its all-time high price, higher than $0.73 set in May 2021, just before the wider cryptocurrency market collapsed. It has not edged nearer to getting back those gains after a rise in the early months of the previous year.

Elon Musk has been intimately linked to Dogecoin for a couple of years. Musk’s constant tweets and memes have often caused a swing in the price of Dogecoin. His support for Dogecoin is credited to have helped incite its surge early last year when the price went off above a penny for the first time and ascended for months.

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Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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