Since hitting a record high of $ 0.73 in May, Dogecoin has lost more than 70% of its value-and has fallen 36% in the last month alone.
The cryptocurrency’s stellar growth has been boosted by promises of new technology updates, as well as Elon Musk, the permanent founder of Tesla and SpaceX.
In a tweet dated July 9, musk took aim at both Bitcoin and [/linkethereum for its slow trading times. He added that it was “on merit”that Dogecoin was developed to minimise transaction costs. The comment consistently laid out evidence of Musk’s ability to control markets by pumping Dogecoin up more than 13%.
However, the Doge has since lost all that profit. The popular memes currency has fallen by more than 5% in the past 24 hours, 14.8% for last week and 36% for last month.
Bitcoin moves sideways
The broader crypto Sunday is also struggling with the delay. Bitcoin has traded between $ 36,000 and $ 30,000 in the past few weeks, while ethereum, the second-decked cryptocurrency, decked out between $ 2400 and $ 1800.
Sundays Dec.and because of the correlation between these two coins and the rest of the market, it’s no surprise that altcoins like Dogecoin are struggling, too.
Correlations between Bitcoin, Ethereum, dog Decoin, chain and link. A positive correlation indicates that assets are more likely to move together depending on the strength of this correlation. Source: Cryptowatch.
One of the main drivers of the downward trend appears to be increased oversight by regulators. The audit focused primarily on stricter regulation of so-called stable coins, cryptocurrencies tied to the value of traditional Fiats, and consumer rights protection, but social media platforms also played a role.
On July 10, TikTok banned influencers from promoting cryptocurrencies as part of a broader fight against the growth of finance-related content. The Platform was also a breeding ground for promoting various coin memes, including Dogecoin.
Exclusive: Dogecoin developers say
