As meme coin promoter Musk shifts his focus from crypto to artificial intelligence, Dogecoin appears to be bearing the burden of this week’s losses.
According to data from CoinGecko, the price of Dogecoin (DOGE) is down another 1.7% on the day and nearly 10% on the week, falling to a two-month low of $0.073.
The world’s biggest meme coin hasn’t traded at these levels since January 8. This was when the crypto market started to rise again, which pushed DOGE to $0.098 at the start of February.
Since then, the value of the asset has mostly gone down, except for a short time in mid-February when DOGE went up more than 10% in four days after Tesla CEO Elon Musk joked that he was talking to Rupert Murdoch about Dogecoin at the Super Bowl.
Musk later posted a picture of the original Dogecoin community’s mascot, a Shiba Inu dog, sitting at a desk at Twitter’s headquarters.
Elon Musk is sitting next to Fox News owner Rupert Murdoch at the SuperBowl.
— Genevieve Roch-Decter, CFA (@GRDecter) February 13, 2023
What are they talking about?
Wrong answers only. pic.twitter.com/rUGXQGTm2P
Musk has been one of the most vocal supporters of Dogecoin, and his tweets have often affected the price of the currency. His posts about Dogecoin in February made the price go up for a short time, but then it went back down.
Musk surprised his followers last Friday by saying that he is now focusing on artificial intelligence.
“I used to be in crypto, but now I got interested in AI,” tweeted the billionaire, instantly crashing the price of Dogecoin.
“I used to be in crypto, but now I got interested in AI"
— Elon Musk (@elonmusk) March 3, 2023
In a separate event, the chief investment officer of Morgan Creek Capital Management, Mark Yusko, said that meme coins don’t have any value, which was a harsh attack on Dogecoin.
“The speculative nonsense like Dogecoin, why does it even exist? I mean my mind hurts. And I said the bear market would be over when DOGE is zero, and I want to stand by that but I can’t because stupid people are going to be stupid,” Yusko ranted during a YouTube show with crypto analyst Scott Melker.
Dogecoin has passed Polygon (MATIC) to become the ninth largest cryptocurrency by market capitalization. This happened even though Dogecoin’s value has been falling recently.
Dogecoin’s network is currently worth $10.3 billion, while Polygon’s market cap has gone down by 12% in the past week.
Content Source: decrypt.com
