Dogecoin (DOGE-USD) has plummeted in value this week as other blue-chip cryptocurrencies capitalise on a slowing of the interest rate rise in the US.
After Elon Musk took hold of the reins of Twitter (TWTR) the Tesla owner’s favourite memecoin saw a healthy November.
However, dogecoin acts as a proxy sentiment for Elon Musk and its price has been rolling down hill since the beginning of December, and Musk’s problems at Tesla and Twitter sink in.
The price of dogecoin is down 8.8% in the past week to $0.087, according to coingecko.
Doge is not the only thing tumbling down this week: Musk himself is slipping down the rich list as investors see him being distracted by his new Twitter toy, and the value of his Tesla shares falls.
Check: Crypto live prices
The second canine coin in the crypto race, shiba inu (SHIB-USD) saw a fall of 2.4% in the past seven days, to $0.00000891 per coin.
Watch: Crypto attempts to tokenise World Cup fandom – The Crypto Mile Weekly Update
After the Tesla (TSLA) CEO marched into Twitter headquarters in San Francisco he tweeted that his acquisition of the social media platform was “important to the future of civilisation”.
But reality of running a global social media platform has set in, with users fractured over Musk’s new features for the platform and staff rebelling at Twitter HQ.
Musk has launched and backtracked on a number of features for the social media platform, including the Twitter Blue subscription service.
The new Twitter feature allows anyone who pays $8 ($11 for Apple users) per month to gain the blue tick that was formerly preserved for personnel for major artists, media organisations, governments or corporations.
However the new feature immediately ran into problems as it allowed anyone to impersonate any company or individual they wanted.
This included one episode that reportedly saw a few fake tweets erase billions from the stock value of company Eli Lilly.
Also, Musk’s re-instatement of controversial banned accounts, including the rapper Ye (Kanye West), former US president Donald Trump and influencer Andrew Tate, has angered Twitter users.
This week Musk has also sold another portion of Tesla stock, frustrating investors concerned about his level of focus on the electric car maker since his £38bn takeover of Twitter.
Musk dumped another $3.6bn (£2.9bn) Tesla shares, taking his total for the year close to $40bn (£32.3bn).
According to Techcrunch, filings show that from Monday to Wednesday of this week he sold a large portion of Tesla’s shares bringing the stock price to a two-year low.
It is his second large share cash out since his $44bn (£38bn) purchase of Twitter in October.
Tony Sycamore, an analyst at brokerage IG Markets, said: “It doesn’t put a lot of confidence in the business, or speak volumes for where his attention is at.
According to AAP Sycamore added: “It’s not a good situation. I’ve spoken to a lot of investors who have Tesla shares and they’re absolutely furious at Elon.”
Because of the decline in the value of his shares in Tesla, Musk is no longer the world’s richest man.
According to Forbes and Bloomsburg, Musk has been overtaken by Bernard Arnault, the chief executive and chairman of luxury goods group LVMH.
Bernard Jean Étienne Arnault is a French business magnate, investor, and art collector.
He is the co-founder, chairman, and chief executive of LVMH Moët Hennessy – Louis Vuitton SE, the world’s largest luxury goods company.
According to Forbes, Arnault and his family have an estimated net worth of US$188.6 billion as of December 2022.
