Hassan Maishera
TL;DR
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DOGE has lost 4% of its value in the last 24 hours, dropping below the $0.1 mark.
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The decline comes after Elon Musk’s comment about his new xAI startup.
DOGE Drops Below $0.10 Following its Earlier Rally
DOGE, the native coin of the Dogecoin ecosystem, is the worst performer amongst the top 10 cryptocurrencies by market cap in the last 24 hours. The decline comes following an impressive start to the week.
The coin added more than 20% to its value over the last seven days, reaching the $0.105 level on Wednesday. However, DOGE has given up some of its gains and currently trades at $0.9714, down by 4.6% in the last 24 hours.
DOGE’s poor performance comes after Elon Musk clarified that his artificial intelligence startup xAI was not "raising money." There were reports that xAI was looking to raise $1 billion and has so far raised over $130 million.
The report about xAI raising funds pushed DOGE’s price higher earlier this week. However, Elon Musk’s comment saw DOGE give up some of its profit.
DOGE’s poor performance comes as the broader crypto market consolidates following its rally earlier this week. Bitcoin, the world’s leading cryptocurrency by market cap, is down by less than 1% in the last 24 hours and is currently trading at $43,822 per coin.
The total cryptocurrency market cap has, however, increased to $1.6 trillion, up by 0.2% in the past few hours.
