Dogecoin (DOGE) is in trouble, with a 9 percent drop following Elon Musk’s Twitter buyout.

DOGE is reversing all of its gains and falling precipitously in a short period of time. When Musk chose to join Twitter’s board of directors with a 9.2 percent stake on April 5, the famous meme coin skyrocketed. Despite being forever associated to the self-proclaimed “Dogefather” Musk, Dogecoin has struggled to gain popularity since then. On the weekend chart, DOGE has a total market cap of $18.10 billion. Dogecoin (DOGE) was a dog-themed cryptocurrency invented by Twitter co-founder Elon Musk as a joke.

The centibillionaire’s effect on cryptocurrency is undeniable, as he has the ability to step on the throttle and brakes and have everything happen as if by magic. His tweets have a direct influence on the price of DOGE. At the moment, the majority of cryptos are down 3%.

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