Dogecoin Prices Drop As Musk’s Initial Twitter Debacle Continues

According to data from CoinCu, the price of Dogecoin, the most popular meme cryptocurrency, has decreased by 3.11% during the past 24 hours.

After reaching a high of $0.158 on the Binance platform after a triple-digit rise, the Bitcoin parody has now lost more than 24% of its value. The price of the meme cryptocurrency at the time of publication is $0.123.

Dogecoin’s outstanding surge

Platform report regarding the social networking platform stopping the development of its own cryptocurrency wallet recently undermined Dogecoin’s outstanding surge. The market assumed that when Musk took over, Twitter started to scale back its cryptocurrency intentions.

Meanwhile, Musk’s position as “Chief Twit” is off to a bad start, which is probably influencing the price performance of the meme coin. Numerous advertisers left the business. Musk recently destroyed half of Twitter’s staff by using his 110 million-follower account to spread harmful right-wing propaganda.

Additionally, Musk is attempting to have verified Twitter accounts pay $8 per month for the new Blue service by requiring them to do so. It looks like a last-ditch effort to preserve the struggling business, which is now losing money.

The controversial tycoon further claimed that comments would be prioritized for Blue customers, silencing dissenting voices and amplifying false information. Up to 90% of Twitter’s annual revenue comes from advertising, therefore Musk is extremely unlikely to make up for large losses with paid memberships.

The future of Twitter is looking more and more hazy, therefore it appears that plans for Dogecoin are definitely being put on hold.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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