03-06-2023 icon

Dogecoin tanks 10% as Elon Musk eyes AI

By Lucy Adegbe

The price of Dogecoin (DOGE) is down another 1.7% over the day and almost 10% on the week, dropping to a two-month low of $0.073, according to data from CoinGecko.

The world’s largest meme coin last traded at these levels on January 8 amid the resurging crypto market, which eventually took DOGE to $0.098 at the beginning of February.

Since then, it has been mostly pain for the asset, except for a short period in mid-February when DOGE surged more than 10%—from $0.080 to above $0.090—in the course of four days on the back of Tesla CEO Elon Musk joking he was talking to Rupert Murdoch about Dogecoin at the Super Bowl.

Musk later posted a picture of a Shiba Inu dog—the original mascot of the Dogecoin community—posing at a desk at the Twitter headquarters.

Musk has been one of the more vocal supporters of Dogecoin, often influencing its price with his tweets in the past. His February Dogecoin posts had only a brief bullish impact on the coin as it slipped further down.

Adding to the overall negative sentiment, Musk last Friday stunned his followers saying he is now turning his attention to artificial intelligence.

“I used to be in crypto, but now I got interested in AI,” tweeted the billionaire, instantly crashing the price of Dogecoin.