{"id":38185,"date":"2022-12-15T11:06:22","date_gmt":"2022-12-15T11:06:22","guid":{"rendered":"https:\/\/egrowonline.com\/?p=38185"},"modified":"2022-12-15T11:06:22","modified_gmt":"2022-12-15T11:06:22","slug":"dogecoin-price-dips-as-elon-musk-slips-in-rich-list-rankings","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=38185","title":{"rendered":"Dogecoin price dips as Elon Musk slips in rich-list rankings"},"content":{"rendered":"


\n<\/p>\n

\n
\n
\n
\n
\"Elon<\/div>\n<\/div>\n<\/div>\n

Musk has sold more Tesla stock, frustrating investors concerned about his level of interest in the electric car maker since his \u00a338bn takeover of Twitter. Illustration: Dado Ruvic\/Reuters<\/figcaption><\/p>\n<\/figure>\n

Dogecoin (DOGE-USD<\/a>) has plummeted in value this week as other blue-chip cryptocurrencies<\/a> capitalise on a slowing of the interest rate rise in the US.<\/p>\n

After Elon Musk took hold of the reins of Twitter<\/a> (TWTR<\/a>) the Tesla owner’s favourite memecoin saw a healthy November.<\/p>\n

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.<\/p>\n

The price of dogecoin is down 8.8% in the past week to $0.087, according to coingecko<\/a>.<\/p>\n

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.<\/p>\n

Check: <\/strong>Crypto live prices<\/strong><\/a><\/p>\n

The second canine coin in the crypto race, shiba inu (SHIB-USD<\/a>) saw a fall of 2.4% in the past seven days, to $0.00000891 per coin.<\/p>\n

Watch: Crypto attempts to tokenise World Cup fandom – The Crypto Mile Weekly Update<\/strong><\/p>\n

After the Tesla (TSLA<\/a>) 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”.<\/p>\n

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.<\/p>\n

Musk has launched and backtracked on a number of features for the social media platform, including the Twitter Blue subscription service.<\/p>\n

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.<\/p>\n

However the new feature immediately ran into problems as it allowed anyone to impersonate any company or individual they wanted.<\/p>\n

This included one episode that reportedly saw a few fake tweets erase billions from the stock value of company Eli Lilly<\/a>.<\/p>\n

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.<\/p>\n