The meme cryptocurrency: Dogecoin has dropped in value in recent days after the speculation around it pushed up its value.
A series of tweets by Elon Musk, hailing Dogecoin, took value of the meme-based cryptocurrency to wild levels
The value of Dogecoin is declining after a record-breaking rally that saw it reach new highs. Dogecoin’s value was boosted by enthusiastic support from figures such as Elon Musk, who helped push the value of the light-hearted dog-themed cryptocurrency, which was developed as a meme, to new heights. On April 16, the cryptocurrency reached a high of $0.45 (roughly Rs 34).
Since then, however, the cryptocurrency has been on the decline. The crash started on April 21, a day after it’s supporters celebrated ‘Doge Day.’ Backers used hashtags like DogeDay and DogeDay420 to post memes and tweets on different social media sites, causing the cryptocurrency’s value to grow. Dogecoin’s price was just over Rs. 16 on Friday (at the time of writing).
Elon Musk, the CEO of Tesla and SpaceX, has had a significant impact on Dogecoin’s growth, with his frequent tweets sending the cryptocurrency’s price soaring.
Elon Musk tweeted a screenshot of a 1926 painting by a Spanish artist titled “Dog Barking At The Moon” on April 15 and changed the title to “Doge Barking At The Moon,” referring to the cryptocurrency. It’s value reached an all-time high as a result of this. Musk, on the other hand, hasn’t tweeted about the cryptocurrency since it started to fall.
Elon Musk praised this meme- cryptocurrency in a series of tweets in February, causing the meme-based cryptocurrency’s value to skyrocket. He began by tweeting a picture of a rocket hitting the moon, followed by the single word “Doge.”
Elon Musk also shared his take on the Lion King’s famous illustration of Rafiki carrying a baby Simba atop Pride Rock. He replaced the mandrill-face shaman’s with his own, and the lion cub’s face with the Dogecoin emblem — a Shiba Inu, a Japanese dog breed.
The company tycoon Elon Musk didn’t stop there. He updated his cryptocurrency articles with two more. “Dogecoin is the people’s crypto,” he said, adding a witty tweet that read: “No highs, no lows, only Doge.”