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Bitcoin

The price of Dogecoin is falling. Yellow Dog no longer responds to memes. –

The craze for Dogecoin seems to be waning. The price of the cryptocurrency is gradually falling. Elon Musk’s mentions no longer increase his value. Last month, the cryptocurrency enjoyed incredible growth after Tesla’s boss tweeted about it. Now the price of Dogecoin is falling despite the meme’s popularity.

The price of Dogecoin is falling

Doge soared, reaching a market capitalization of $ 10 billion. This happened when its price had risen from just under $ 0.01 to almost $ 0.10 in less than two months. Forbes reported that the cryptocurrency explosion convinced its creators to go back to the software update.

However, things have not been going so well since the end of last month. The coin has lost most of its value and its price has dropped by almost half, despite the fact that Elon Musk and several other YouTubers talk about it regularly. Dogecoin is currently at 40% from its peak with no clear signs that it will return to its February form.

Weak tweets

Last week, Musk posted an entertaining tweet of a Shiba Inu dog wearing a spaceship suit, hovering a Dogecoin flag on the moon. He sent another tweet to explain the first, saying, “On the real moon.” Musk suggested that Dogecoin’s price was flying towards the moon.

The Tesla boss also tweeted about crypto this week, saying “Doge Meme Shield (Legendary Item)” followed by an image illustrating the value of the cryptocurrency protected from being dropped by memes.

Both tweets had little effect on the price, however. The Dogecoin market didn’t react to any memes – at least not in the way Musk had hoped. On the contrary, the price of Dogecoin has remained around $ 0.05 since the beginning of the month.

The current response to Musk’s tweets is in stark contrast to what happened in February. The influence of Musk and other famous figures helped raise the price of the cryptocurrency by about 75%. His post “Dogecoin is the people’s cryptocurrency” probably had the biggest impact on the price of the asset.

The story of Elon Musk and Doge goes back to 2019 when he suggested it was his favorite cryptocurrency. This statement even earned him the title of “Dogecoin CEO” in the poll. Musk, however, recently explained that his comments on crypto were just jokes.

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