Dogecoin Price Continues to Plunge as Musk’s Twitter Takeover Turns Disaster

The price of Dogecoin, the leading meme cryptocurrency, is down 4.71% in the past 24 hours, according to Coingecko data.

The bitcoin parody has now lost more than 24% of its value after hitting a high of $0.158 following a triple-digit rally last week.

Currently, the meme cryptocurrency is changing hands at $0.123.

Elon Musk’s tenure as “Chief Twit” got off to a terrible start, which is likely affecting the performance of the currency rate itself. Advertisers fled the company in droves. Musk recently used his account, which has 110 million followers, to amplify dangerous far-right fake news and fired half of Twitter’s workforce.

Elon Musk is also trying to force verified Twitter accounts to pay $8 a month by getting them to subscribe to the new Blue service. This is apparently a desperate attempt to save the struggling company, which is currently losing a lot of money.

The billionaire also said Blue subscribers would get priority in responses, drowning out dissenting voices and amplifying misinformation.

Advertising accounts for no less than 90% of Twitter’s annual revenue, and Musk is highly unlikely to make up for the massive losses with paid subscriptions.

With Twitter’s future increasingly uncertain, it looks like Dogecoin projects have taken a back seat for good.

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