Dogecoin suddenly crashes after major investor backs a radical new crypto coin and sends its price 1,000% higher
Dogecoin, the winking cryptocurrency adopted as a favorite project by Tesla billionaire Elon Musk, suddenly crashed and lost 10% of its value in the past 24 hours.
Dogecoin price has fallen nearly 20% in the past week, falling after YouTuber and Dogecoin investor Matt Wallace announced plans to buy a new Tiger King branded cryptocurrency.
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The Dogecoin price has risen many thousands of percent this year as investors move into the … [+]
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“I have a feeling that $ tking (Tiger King coin) will go insane when the second season of Tiger King comes out,” Wallace tweeted on the weekend of July 4th, adding that he was “buying it up quick”.
The Tiger King branded tking token is up over 1,000% this week, despite Netflix not announcing a second season of the hit series.
Tking, which launched in May and traded on the Uniswap decentralized exchange, was backed by an unverified Twitter account that claims to be the “official account for Joe Exotic,” the star of the Netflix documentary series. With a negligible trading volume of $ 7 million, Tking isn’t big enough to have a confirmed market cap on the crypto pricing pages CoinMarketCap or CoinGecko.
Exotic is currently serving a 22-year sentence for animal abuse and is trying to hire someone to kill big cat rival Carole Baskin – who has launched its own cryptocurrency in recent months.
Although Wallace reiterated its support for the meme-based Dogecoin, a sell-off cut the Dogecoin price by more than 30% in the past month.
“I still hold my Dogecoin and Bitcoin despite the recent slumps,” Wallace wrote on Twitter last night and followed: “Dogecoin is indeed the future cryptocurrency of the earth.”
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The Dogecoin price has lost over a third of its value in the last month.
Dogecoin, after its price skyrocketed in January when trading restrictions were imposed on so-called meme stocks, broke into the top ten cryptocurrencies thanks to the support of Elon Musk and other high profile investors and influencers.
Dogecoin price is largely dependent on Musk’s continued support, however, and has lost ground in recent weeks as his interest in the token seems to wane.