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Dogecoin was falling on Monday, giving up gains as its recent rally was in the grip of a reversal.
The price of the flagship “Memecoin” – so named because it was launched as a reference to an internet joke – has fallen 11% in the past 24 hours to just above 9 cents, its latest rally of around 11 cents. is below the peak of ,
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Dogecoin broke out late last week, rising 40% from last Tuesday’s levels to reach its latest peak on Sunday, bucking the trend seen in larger cryptocurrencies like bitcoin and ether.
The gait has affected the Shiba Inu as well.,
Another memecoin that plays on dogecoin itself (the dog in meme dogecoin context is a shiba inu). The Shiba Inu was buoyed by Dogecoin’s rise and similarly fell back on Monday, down 5% on the day.
These joke cryptos often move in step with other digital assets, but sometimes carve out a path of their own, especially when they are mentioned in the media. Often, this is due to Tesla (ticker: TSLA) CEO Elon Musk, who has long been toying with the price of Dogecoin via posts on Twitter and mentions on television.
That doesn’t seem to be the case with the latest rally, however, which may have been sparked by rumors about Musk and crypto. Not helping matters for Dogecoin was a broader decline in the crypto space on Monday, which has followed a decline in the stock market amid investors’ nerves about social unrest in China.
Dogecoin recently got a big boost from Musk’s acquisition of Twitter amid hopes that the token could see a new use case on the platform, but those gains have largely been muted amid a broader crypto market rout following the bankruptcy of exchange FTX. have evaporated.
Write to Jack Denton at [email protected]