Dogecoin (DOGE) Struggles, Drops 9% After Elon Musk Twitter Buyout

Dogecoin struggles to maintain its momentum, dropping steadily by 9%. And it seems investors are letting the chips fall where they may. Following the announcement that Elon Musk would buy Twitter, DOGE soared 26% and everything went bullish especially after the news that the Tesla CEO bought Twitter for $44 billion. Suggested Reading | Dogecoin (DOGE) Trading Volume Plunges – Here’s Why Musk Shakes Things Up For DOGE Apparently, the popular meme coin had a sharp spike in April 5 when Musk decided to join Twitter’s board with a 9.2% stake. Now, DOGE is losing all the gains and dropping hard in a short span of time. It seems that the buy pump following the Twitter acquisition of Musk was practically short-lived. Today, DOGE is slipping fast at 9%, according to CoinMarketCap. Currently, the DOGE value is a little above $0.14 per coin which reached its peak yesterday at around $0.1667. In the early months following its launch, DOGE surged and it even peaked at above $0.73 in May 2021. Since then, Dogecoin has had difficulty gaining traction despite being perpetually linked to the self-acclaimed “Dogefather” Musk. His clever memes and tweets stir more attention for dog-inspired meme coins. DOGE total market cap at $18.10 billion on the weekend chart | Source: TradingView.com Most Popular Dog-Inspired Meme Coin Dogecoin was a dog-inspired coin (Shiba Inu dog in particular) created as a joke. It was swiftly crea...