Dogecoin Down 8% as Musk’s Twitter Hype Fades

Dogecoin (DOGE) has fallen 8.6% in the last 24 hours, a sign that the price of the world’s most popular meme coin could be undergoing a correction after it was briefly pumped by Twitter CEO Elon Musk this week. 

On Monday, DOGE ballooned 20% in less than an hour after Musk changed the iconic blue bird logo on the social media site to a picture of Doge, the adorable Shiba Inu behind the iconic meme that inspired the coin. 

The intraday drop hasn’t yet wiped out DOGE’s heady gains over the last seven days. According to data by CoinGecko, it's still up nearly 18% over the week. 

The coin’s rally kicked off last weekend after long-time Dogecoin fan Elon Musk filed a motion with a U.S. judge on Friday to dismiss a $258 billion lawsuit accusing him of allegedly running a racketeering scheme to back the cryptocurrency.

This isn’t the first time an Elon-inspired wave of Dogecoin hype has quickly receded. Back in May 2021, DOGE set its all-time high of $0.73 and almost became the third-largest cryptocurrency in the world off news that Musk would incorporate the cryptocurrency into his Saturday Night Live skit. 

However, five minutes into his sketch, the price tumbled. By the following month, its pre-SNL gains had all but been decimated.

Virtually none of the other top thirty cryptocurrencies by market capitalization posted any pronounced gains or losses today or this week, except for Ripple’s XRP, which is 8.7% higher than it was last Thursday.

XRP’s rally appears to be spurred on by investors’ confidence that Ripple will win its long-running legal battle against the United States Securities and Exchange Commission (SEC).

The SEC accused Ripple of having sold XRP as an unregistered security.