Dogecoin Sheds 9.49 Percent as Crypto Market Tumbles

Dogecoin, a meme coin aggressively pushed by billionaire Elon Musk, plunged by 9.49 percent in the last 24 hours to 0.24853 a coin after hitting a record-high of $0.74 on May 8, 2021.

The coin that started as a joke has gained 5,180.84 percent from the year to date with the total supply hitting 129.97 billion.

In the last 24 hours, investors traded dogecoin worth $679.40 million at an average transaction fee of $0.639526.

Elon Musk had aggressively pushed dogecoin and at some point signals, Tesla could adopt the meme coin as payment for its products in replacement for the out of favour Bitcoin.

A large number of cryptocurrency investors blamed Elon Musk for the current downturn of the entire crypto space with Anonymous, a decentralized international activist/hacktivist collective/movement widely known for its various cyber attacks against several governments, government institutions and government agencies, calling him an opportunist with his overvalued product, Tesla.

The decision of Tesla to pull the plug on Bitcoin by halting its acceptance as payment for its vehicles kick-started the current bearish trend but it was escalated by China’s action – banning banks from facilitating cryptocurrency payments like Nigeria.

However, it would be extended by the Federal Reserve’s new hawkish stance as investors are expected to shift their investment interests from haven assets like gold, unregulated cryptocurrency and others to bonds and other dollar assets in general.