Dogecoin (DOGE) dropped 10% since July 11, 2022, missing a highly anticipated technical upside target amid a constant controversy between Elon Musk and Twitter.
After Musk withdrew from his $44 billion takeover offer, the Musk-Twitter deal fell apart. The company has sued Musk, alleging that after suffering personal losses in the continuing global market calamity, he altered his behavior.
Elon Demands More Transparency from the Social Media Platform
In a letter to Twitter’s board, Musk revealed his intention to terminate the $44 billion agreement.
According to the letter sent to Twitter’s chief legal officer Vijaya Gadde, Musk is withdrawing the deal since it appears that Twitter “has made fraudulent and deceptive statements,” which Musk used as a benchmark for his decision.
On July 8, when he declined the Twitter deal, DOGE crashed as far as 19.5%, disproving the inverse head and shoulders that professional technical analysts predicted.
Continuous Polarizing Relationship Between Elon and DOGE
Dogecoin is a meme-based cryptocurrency that was created in 2013. It is named after the famous “Doge” meme, which features a Shiba Inu dog.
The cryptocurrency has seen a surge in popularity in recent months, due in part to Musk’s endorsement. On May 4, 2021, he tweeted, “working with Doge developers to improve system transaction efficiency.”
Dogecoin’s price surged on the news but has since pulled back. In May 2022, he had a heated talk with one of DOGE’s co-founders regarding his knowledge of blockchain and cryptocurrency.
The meme coin has since recovered some losses and is currently trading at $0.60. However, it remains well below its all-time high of $0.73 on May 8, 2021.
Despite the recent drama, Musk continues to be a vocal supporter of Dogecoin. He claimed he was “still working with DOGE developers” and asked Jackson Palmer to contact him.
It is unclear what the future holds for Dogecoin, but Musk’s involvement will likely continue to generate interest in the currency.