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Dogecoin price has plunged 11%, underperforming other cryptocurrencies

At the time of writing, the Dogecoin price has dropped more than 11% in the past 24 hours. However, DOGE is on the verge of being left out of the top 10 of CoinMarketCap after erasing most of the gains driven by Elon Musk. The market capitalization of this meme coin is currently worth $18.6 billion.

dogecoin-price-has-plunged-11-underperforming-other-cryptocurrencies

DOGE/USD 4-hour chart | Source: TradingView

Dogecoin price erases Elon Musk-driven gains

Before that, Dogecoin had a massive rally after Elon Musk completed his controversial $44 billion buyout deal with Twitter. Accordingly, there are rumors that DOGE is expected to play a prominent role on Twitter. Musk came up with the idea of ​​allowing Twitter Blue subscribers to pay with the help of the exotic cryptocurrency.

On top of that, he claimed that making it possible to send tips with the help of the meme coin would be “nice.” However, the Twitter deal itself was a “buy the rumor, sell the news” event for Dogecoin.

dogecoin-price-has-plunged-11-underperforming-other-cryptocurrencies

Dogecoin is the most significant lager among the top cryptocurrencies at writing, but the rest of the market is also in correction mode. Musk has yet to take the helm of the influencer social media platform. The transaction is expected to close by the end of the year.

According to IntoTheBlock, a rise in the volume of on-chain Dogecoin transactions greater than $100,000, as the total worth soared to highs of $2.59 billion on April 25. This is the highest volume since March 24, comprising 94% of the total volume.

dogecoin-price-has-plunged-11-underperforming-other-cryptocurrencies

Large transaction spikes are frequently associated with increased activity from institutional players, whales, and buying or selling. These transactions exceed $100,000 moved and were up 404% in the last 24 hours for Dogecoin.

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