" The value of Dogecoin continues to fall as Musk's takeover of Twitter turns out to be a fiasco "
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| Dogecoin • Cryptocurrency • Elon Musk • Twitter • Bitcoin |
According to CoinMarketCap data, the price of Dogecoin, the leading meme cryptocurrency, has dropped 4.71% in the previous 24 hours.
After peaking at $0.158 on the Binance market after a triple-digit rise, the Bitcoin parody has now lost more than 24% of its value.
At the time of writing, the meme cryptocurrency is worth $0.115 According to NWS, Dogecoin's fantastic ascent was recently derailed by a Platform report stating that the social media platform is delaying development of its own cryptocurrency wallet. Following Musk's takeover, the market thought Twitter would begin dialing back its crypto intentions.
Meanwhile, Musk's term as "Chief Twit" has gotten off to a bad start, which is likely influencing the meme coin's price performance. Advertisers abandoned the company in large numbers. Musk just utilized his 110 million-follower account to spread harmful right-wing propaganda and laid off half of Twitter's workers.
Musk is also attempting to force verified Twitter accounts to pay $8 per month for the new Blue service. It appears to be a last-ditch effort to preserve the struggling company, which is now losing money.
The controversial billionaire further stated that Blue subscribers would be prioritized in responses, stifling dissenting voices and amplifying disinformation.
Advertising provides for up to 90% of Twitter's annual revenue, and Musk is unlikely to compensate for huge losses through paid memberships. With Twitter's future unknown, it appears that Dogecoin aspirations are clearly taking a back seat.
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