DOGE And BTC Crashed Once The “Elon Musk Effect” Subsided

DOGE and BTC crashed today following a huge market correction with BTC hitting $33,817, recording a drop of over 8.19 percent in the past day so let’s take a closer look at today’s DOGE news.

After the week surge, Dogecoin fell 39.74% in the past 24hours but the downward trend continued in the rest of the market as ETH dropped by 5%, LTC by 8%, and Bitcoin Cash by 5%. Bitcoin’s price crashed to $33,817 marking a drop of 8.19% over the past 24 hours. The sad market sentiment happened after the “Elon Musk effect” subsided right after Musk changed his Twitter bio to “Bitcoin” and the price boomed. The market was not able to sustain the momentum.

Another blow to the market happens when DOGE dropped to 39.74% in the past 24hours after the market correction increased over the last of the revolutionaries who pumped the coin over the week. The fall of the coins prompted the collapse of the market. The rest of the market drops happen as Ethereum fell by 5%, Polkadot tried to cover the losses but it was too late and fell by 3%. Cardano’s ADA even dropped by 5%. The death bell for the altcoins started ringing loud when the market crashed but then managed to recover from its misery. The rattle of the crypto traders is still wailing as Litecoin got down by 8% and Bitcoin Cash dropped by 5%.

DOGE and BTC crashed as they were the only coins that found success over the past few days after Elon Musk changed his Twitter Bio but also FunFiar increased as well by 45% in the past 24hours. Others however emerged from the dark market as Compound increased by 31% in the past 24hours, 1inch by 28%, and Elrond by 22% while XRP increased 13% to $0.31. The price of BTC fell as low as $29,400 recording a 30% from its all-time high.

As reported a day ago, The rally of DOGE was fueled by the posts and tweets from WallStreetBets traders on Reddit and Twitter. The tweet volume also surged to a new record surpassing the one of BTC for the first time ever.  The craze around GameStop moved to silver and Doge as a result which caused a huge rally in the short-period. The suspension of trading GME on Robinhood catalyzed the DOGE rally as the industry executives said.