Cryptocurrency Dogecoin fell in price due to Elon Musk’s refusal to buy Twitter

The value of the Dogecoin cryptocurrency has dropped by almost 10% in a week — all because of Elon Musk’s termination of the Twitter acquisition deal.

After billionaire and well-known DOGE supporter Elon Musk announced on July 8 that he was terminating his $ 44 billion deal to buy Twitter, Dogecoin’s value fell by 19.5% in one day, bringing the weekly drop to almost 10% - at the time of writing, DOGE is trading at $ 0.060, according to CoinMarketCap.

Twitter’s purchase of DOGE was supposed to be a «new stage» in the development of Dogecoin, with many analysts predicting that the deal would accelerate the introduction of this cryptocurrency as the official payment method of the social network, which has about 330 million monthly active users.

It is not yet known what will happen to Dogecoin’s value and how the legal conflict between Twitter and Tesla will be resolved. Yesterday, Twitter filed a lawsuit against Elon Musk, claiming that Musk violated the terms of the merger agreement signed by both parties. It also says that Musk «has repeatedly made disparaging remarks about Twitter».