Cryptocurrency Dogecoin fell due to Elon Musk’s post on Twitter

The meme cryptocurrency DOGE $0.12 Department Of Government Efficiency -1.20% Market capitalization $0.12 billion VOL. 24 hours $0.68 billion dropped in value by 3% after Elon Musk tweeted a Christmas greeting. The billionaire posted photos of his pets, one of which featured the Dogecoin logo next to a Shiba Inu dog.

Merry Christmas & Good Cheer to All! pic.twitter.com/SupTpz4bLY

— Elon Musk (@elonmusk) December 25, 2022

After the publication of the eccentric businessman’s post, crypto-kits started selling their Dogecoins en masse. According to analysts, on December 25, the volume of sales of the digital asset was five times higher than the volume of purchases.

No matter what the billionaire is trying to say with this photo, one thing is clear: Elon Musk’s actions and statements still have a great impact on the price of DOGE. Last week, after the publication of Musk’s poll, in which more than 10 million Twitter users voted for the billionaire’s resignation as CEO, the meme token’s value fell by 11%. At the end of November, Dogecoin grew by 19.4% after Elon Musk’s post about Twitter 2.0 — the head of the social network posted a part of the presentation about the next version of the platform, which was presented to the company’s employees in their office.