JAKARTA - Dogecoin, the cryptocurrency adopted as a pet project by Tesla billionaire Elon Musk, has suddenly fallen in value. Doge is claimed to have lost 10% of its value in the last 24 hours on the global crypto market.
The price of dogecoin has even fallen by almost 20% over the past week. The decline in Doge's value was due to YouTuber and dogecoin investor Matt Wallace announcing he was buying a new cryptocurrency branded Tiger King.
"I have a feeling $tking (Tiger King coin) is going to go crazy when the second season of Tiger King comes", tweeted Wallace on Sunday, July 4. He added that he "bought it quickly".
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Tiger King's branded tking tokens have surged more than 1.000% this week even though Netflix has yet to announce a second season of the hit show.
Tking, launched in May and traded on the decentralized Uniswap exchange, has been backed by an unverified Twitter account that claims to be the "official account for Joe Exotic", the star of the Netflix documentary series.
Tking, with a trading volume of USD 7 million, is not large enough to have a confirmed market cap on crypto pricing sites CoinMarketCap or CoinGecko.
Although Wallace continues to reaffirm his support for the meme-based dogecoin, the sell-off has seen the price of dogecoin drop 30% over the past month.
“I still hold my dogecoin and bitcoin despite the recent dip”, Wallace said in a post to Twitter last night. But he followed up with a post: “Dogecoin is actually the cryptocurrency of the future of the earth”.
It is hoped that the new tweet will create positive sentiment towards Doge and increase its value back in the market.
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