The price of Dogecoin continues to plunge as Musk’s Twitter takeover is turning into a disaster
The price of the leading meme cryptocurrency Dogecoin is down 4.71% in the last 24 hours, according to CoinMarketCap data,
The Bitcoin parody has now lost more than 24% of its value after peaking at $0.158 on the Binance exchange following a triple-digit rally.
At press time, the meme cryptocurrency is changing hands at $0.123.
As reported by U.Today, Dogecoin’s stellar rally was recently dented by a Platform report about the social media platform halting the development of its own cryptocurrency wallet. The market assumed Twitter began scaling back its crypto plans after Musk’s takeover.
Meanwhile, Musk’s tenure as “Chief Tweet” is off to a terrible start, potentially affecting the meme coin’s price performance. A large number of advertisers fled the company. Musk recently used his account with 110 million followers to amplify dangerous right-wing misinformation and devastated half of Twitter’s staff.
Musk is also trying to force verified Twitter accounts to pay $8 per month by making them subscribe to the new Blue service. It appears to be a desperate attempt to save the failing company, which is currently hemorrhaging money.
The controversial billionaire also said that Blue subscribers would get priority in answers, which would suppress voices of dissent and increase misinformation.
Advertising accounts for as much as 90% of Twitter’s annual revenue, and Musk is highly unlikely to offset massive losses with paid subscriptions.
As the future of Twitter becomes increasingly uncertain, it seems that Dogecoin plans are definitely backtracking.
