Elon Musk gave Dogecoin a little bit of a boost over the weekend with his latest endorsement — but even tweets from Tesla’s CEO may not be enough to stem the joke cryptocurrency’s dramatic losses.
DOGE had leapt up by 10% after Musk changed his profile picture on Twitter, showing him wearing sunglasses with the world’s most famous shiba inu appearing in the reflection.
There’s little doubt that this is poking fun at the laser eyes that have taken Crypto Twitter by storm, which is part of an ongoing campaign where Bitcoin enthusiasts visually state their enthusiasm for the digital asset.
Alas, as of Monday morning, Dogecoin is the altcoin nursing the biggest 24-hour losses among the top 10 by market cap — down 4.45%. Zooming out to a weekly timeframe, and it’s lost 17.21% of its value.
This all indicates that DOGE is continuing to come back down to Earth after an astounding surge earlier this year — movement that some crypto commentators have described as proof of a frothy market that’s brimming with excess.
Struggling for Momentum?
TikTok has been a social media platform that has played an instrumental role in helping awareness about Dogecoin reach a young and tech savvy audience.
Last summer, a TikTok challenge was launched that pushed for DOGE to hit $1 — something that seemed unlikely at the time given how it was worth fractions of a cent.
But last week, the popular app announced that it was banning the promotion of cryptocurrencies including Dogecoin worldwide. The decision has been fueled by concerns that individuals are taking financial advice from TikTok, and could end up losing money if they are inexperienced with investments.