Its price has now dropped by over 24% after peaking at $0.158 on the Binance exchange after a triple-digit rally, according to CoinMarketCap data. It had begun after a triple-digit rally when it peaked at $0.158.
Meme cryptocurrency is currently trading for $0.123 at press time.
The platform reported on Dogecoin’s stellar rally being dented by the social media platform’s decision to cease developing its cryptocurrency wallet. Following Musk’s takeover, the market assumed Twitter had scaled back its crypto plans.
Meanwhile, Musk’s tenure as “Chief Twit” is off to a bad start, likely affecting the meme coin’s price. The company’s advertisers fled in droves. Twitter’s half-staff was slashed by Musk after he used his 110 million followers to spread dangerous right-wing misinformation.
Also Read:- Vitalik Buterin Net Worth
By making verified Twitter accounts subscribe to the new Blue service, Musk is also forcing them to pay $8 per month. The company is hemorrhaging money, and this appears to be a desperate attempt to save it.
Moreover, the controversial billionaire said the replies would be prioritized for Blue subscribers, stifling dissenting voices and amplifying misinformation.
Also Read:- HEX founder Richard Heart net worth
Twitter’s revenue comes primarily from advertising, so Musk is unlikely to offset massive losses with paid subscriptions.
The future of Twitter is looking increasingly uncertain, so Dogecoin plans are taking a backseat.