Why did Dogecoin go down today? Bitcoin resumes rough slump (Cryptocurrency:DOGE-USD)
Dogecoin (DOGE-USD), the most popular meme coin, slipped 7% in Friday afternoon trading as bitcoin (BTC-USD) and other major cryptocurrencies resumed their huge weekly decline, triggered by a wild week of events leading up to formerly-prominent crypto exchange FTX filing for Chapter 11 bankruptcy.
The slump seen in doge (DOGE-USD) was marginal, falling less than one cent to $0.08 at around 5:00 p.m. ET. In a similar downward spiral seen among crypto names amid a broader downturn in the emerging space, doge dropped 34% in the past five sessions and -52% year-to-date. By comparison, bitcoin (BTC-USD) dipped 6% to $16.74K, bringing its weekly losses to 21.1% and -65% YTD.
Nevertheless, doge (DOGE-USD) was actually elevated by some 40% M/M in the wake of Elon Musk’s Twitter (TWTR) takeover, in a move that provides “concrete evidence that Musk could be planning to use Dogecoin in the Twitter ecosystem,” said Seeking Alpha contributor The Digital Trend.
That would come as Musk has posted tweets about doge (DOGE-USD) countless times whereby those tweets usually fueled the direction of doge’s price.
Earlier, bitcoin, other cryptos resume decline after FTX files for Chapter 11.