Dogecoin Shed 2.61%, Despite Massive Support from Elon Musk

The bearish frenzy which has engulfed the global cryptocurrency market has shed 2.61% value of Dogecoin in the last 24 hours with a 23.68% drop in seven days.

Findings by Investors King show the asset is priced at $0.08693. With a market dominance of 0.91%, the top meme coin is ranked 10 on the global cryptocurrency market, according to data from Coinmarketcap.

The downward trend of the asset is also reflected in the market capitalisation of the coin which stands at $11,524,624,098.74, down 2.35%. While the 24-hour trading volume of DOGE is priced at $633,030,122.74, down 4.86%. The joke currency has hit a 24-hour low of $0.0865 and a 24-hour high of $0.09306.

Despite the huge support Dogecoin enjoys from Tesla and SpaceX CEO Elon Musk, the asset has not escaped the volatility that dominated the cryptocurrency market.

Within three weeks, the king meme coin which initially peaked at $0.1641 on April 26, tumbled to its current price of $0.08693.

However, Musk has remained bullish over the prospects of the coin despite massive sell-offs across the cryptocurrency market.

The tech billionaire posted a tweet saying Dogecoin has potential as a currency. His tweet was in response to a comment by dogecoin co-creator Billy Markus, who said that the reason he likes the meme cryptocurrency is because the asset is stupid.

Meanwhile, Dogecoin is to have more practical use cases as the Italian luxury fashion label Gucci has announced that it will begin accepting the meme coin and other cryptocurrencies as it looks to expand its presence in the crypto industry.

The fashion brand has been on a Web3 since the launch of the Gucci Vault, an online concept store representing Gucci’s presence in the Metaverse.

In another report, Dogecoin’s rival, Shiba Inu, is currently trading in the red zone at $0.000012 on the global cryptocurrency market, despite carrying out several burn transactions.

The coin has recorded a decline of 1.96% in the last 24 hours and a 27.86% drop in 7 days. Shiba Inu is 15 on the cryptocurrency market ranking with a market capitalisation of $6,659,763,704, down 2.32%, according to data from Coinmarketcap.