Why Dogecoin Is Down 11% As we speak – The Motley Idiot

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What happened

The value of Dogecoin (CRYPTO: DOGE) Slumped up to 11% on Wednesday as yesterday’s pop wears off. Stocks are down 8.9% in the past 24 hours, down about 20% from their Tuesday high.

so what

Dogecoin stocks rose over 40% early Tuesday after Elon Musk tweeted this Tesla will make some goods for sale with Dogecoin. Tesla’s CEO has been a major proponent of Dogecoin, and this is the first time he’s addressing any real benefit to cryptocurrency. That is, goods are a small utility and even that may not take long.

Cryptocurrency chart and graphs.

Image source: Getty Images.

The shift in the second half of Monday and into Tuesday simply reflected the gains from Musk’s tweet. And considering that most of the cryptocurrencies have fallen this week, it’s no surprise that Dogecoin’s value plummets as it approaches the trading venue over the weekend.

What now

Volatility is common with cryptocurrencies, but Dogecoin has been one of the most volatile since last spring. Values ​​have skyrocketed, largely due to Musk’s tweets, but Dogecoin has been in decline since May as people are finding few uses for the coin outside of trading. That could be a challenge for this cryptocurrency in the long run, and with no real use for it, I’ll stay out of Dogecoin for the time being.

This article represents the opinion of the author who may disagree with the “official” referral position of a premium advisory service from the Motley Fool. We are colorful! Questioning an investment thesis – even one of our own – helps us all reflect critically about investing and make decisions that will help us get smarter, happier, and richer.


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