Dogecoin is losing ground due to Elon Musk

The Dogecoin cryptocurrency rate fell by more than 11% after a report from the media platform Platformer. It stated that Twitter had suspended the development of a cryptocurrency wallet. According to the original plan, after signing a partnership agreement with popular NFT marketplaces, OpenSea, Rarible, Magic Eden, Dapper Labs, and Jump. trade were supposed to integrate non-fungible tokens into the «tweet tiles» mode. As a result, social media users would be able to share their NFTs on their own profiles.

Cryptocurrency experts agree that the drop in the DOGE rate is caused by the shakeup that Elon Musk started after buying the social network. Initially, the controversial Twitter acquisition deal was seen as a positive development for Dogecoin. Musk has repeatedly hinted at the potential integration of the meme coin into the social platform, but so far, this remains only at the level of theory.

It is worth noting that after Musk acquired Twitter, the price of DOGE rose sharply. In the wake of the rise in the value of the Dogecoin cryptocurrency, fraudsters have created hundreds of fakes. But thanks to Platformer’s report, the meme coin has become one of the worst altcoins of the day.

At the time of writing, DOGE is trading at $ 0.12, down 6.93% from 24 hours ago. The market capitalization of the meme coin is $ 16.7 billion, and traders made daily deals worth $ 554.2 million.