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Dogecoin Falls in Sympathy With Broader Market Despite Crypto’s Miami Heat

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Even social media favorite Dogecoin is taking it on the chin, losing 12% in the last 24-hour period. The sentiment around Dogecoin on social media remains bullish, however, thanks to Elon Musk’s continued preference for the meme coin over fiat and flagship cryptocurrency bitcoin.

Doge vs. Bitcoin

Tech billionaire Elon Musk took yet another swipe at bitcoin, tweeting a broken-hearted emoji in a move that some are interpreting as a sign Tesla could be offloading its massive USD 1.5 billion investment. But crypto investors could get whiplash because Musk soon hinted that he is not over bitcoin with a meme that says, “I miss you.”

Despite the confusion, Matt Wallace, a YouTuber with more than 201K followers on Twitter, says Musk “knows what he is doing.” According to Wallace, the Tesla chief would like to see a flippening in the crypto market, one in which Dogecoin surpasses bitcoin. It will have to leapfrog several other cryptocurrencies first, including Ethereum, which in 2018 was muscled out of the No. 2 ranking by XRP, albeit for a brief period.

Wallace points out that Tesla hasn’t sold its BTC (at least not yet) and that he is not anti-bitcoin. He just likes Dogecoin better.

DOGE Roller Coaster

Dogecoin’s market cap is currently just under USD 47 billion after surpassing USD 52 billion on June 3. DOGE’s Elon Musk-fueled rally recently sent the coin higher by 40%.

The Dogecoin price decline comes as a surprise because major cryptocurrency exchange Coinbase just listed the sixth-biggest cryptocurrency this week. Coinbase already announced that it would add DOGE to its professional trading platform. On June 3, however, the exchange also revealed that Dogecoin will be available for trading on Dogecoin.com for novice and sophisticated investors alike, as well as on its iOS and Android apps. Coinbase is also giving away USD 1.2 million in DOGE as part of a promotion for the listing. To qualify, investors must transact USD 100 in DOGE by June 10.

Rival crypto exchange Kraken was quick to seemingly take a light-hearted jab at Coinbase, pointing out that it had the foresight to list Dogecoin back in 2014.

The gains for the Coinbase listing were apparently already built in, as despite today’s declines, Dogecoin is still up 14% for the week.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire