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Dogecoin, the amusing cryptocurrency that Tesla billionaire Elon Musk has adopted as a pet project, has suddenly crashed, losing 10% of its value in the last 24 hours. The price of dogecoin has dropped about 20% in the last week, following the announcement by YouTuber and dogecoin investor Matt Wallace that he would be purchasing a new Tiger King-branded cryptocurrency.
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The price of dogecoin has risen by thousands of percent this year as investors flock to the… [+] memecoin—but the dogecoin mania may be over.
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Over the Fourth of July weekend, Wallace tweeted, “I feel like $tking (Tiger King coin) is going to go crazy when season two of Tiger King comes out,” adding that he’s “buying it up fast.”
Even though Netflix hasn’t announced a second season of the blockbuster show, the Tiger King-branded tking token has climbed over 1,000 percent this week.
Tking, which debuted in May and is traded on the Uniswap decentralized exchange, has received support from an unverified Twitter account claiming to be the “official account for Joe Exotic,” the star of the Netflix documentary series. Tking doesn’t have a confirmed market capitalization on crypto price sites CoinMarketCap or CoinGecko due to its little transaction volume of $7 million.
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Exotic is currently serving a 22-year prison sentence for animal mistreatment and attempting to hire a hit man to assassinate large cat rival Carole Baskin, who has recently started her own cryptocurrency.
Despite Wallace’s subsequent reaffirmation of his support for the meme-based dogecoin, the dogecoin price has dropped more than 30% in the last month due to a sell-off.
“Despite recent drops, I am still holding my dogecoin and bitcoin,” Wallace wrote on Twitter last night, adding, “Dogecoin actually is the future cryptocurrency of earth.”
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The price of dogecoin has dropped by more than a third in the last month.
Coinbase Dogecoin surged into the cryptocurrency top ten by value thanks to encouragement from Elon Musk and other high-profile investors and influencers after its price exploded in January amid trading limitations imposed on so-called meme stocks.
The dogecoin price, on the other hand, is heavily reliant on Musk’s continuous backing and has lost momentum in recent weeks as his enthusiasm for the token looks to be waning./nRead More

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