Dogecoin is about to leave the top ten despite Elon Musk’s continued support
Tesla CEO Elon Musk stunned the Dogecoin community by announcing that he will be posting another photo of Floki, a Shiba Inu puppy, on Monday.
Good point, will discuss with the team. Tomorrow Floki pic.
– Elon Musk October 2, 2021
The self-proclaimed father tweeted that his beloved dog arrived in early September. As reported by U.Today, Floki Inu, a Dogecoin clone that was launched on the Binance Smart Chain, saw a 100% price hike after Musk posted the first photo of his puppy to the delight of his fans.
Musk, who is currently the richest person on the planet with an estimated net worth of $200 billion, has recently argued that cryptocurrencies cannot be destroyed, but he believes that governments can stifle the growth of the industry.
Dogecoin struggles to regain its momentum
After the recent retail frenzy ended, Dogecoin became less sensitive to Musk’s tweets.
Despite the increasing adoption of merchants, the parody cryptocurrency is now on the cusp of leaving the top 10 cryptocurrencies by market cap after disappointing price performance over the past few months.
DOGE is now down 65 percent against Bitcoin, the main currency, since its peak on May 7.