Elon Musk Claims Twitter Usage At Record Levels As Dogecoin (DOGE) Plunges 11.1 … the market price declined by 11.1% in the last 24 hours.

The heat on Twitter is still increasing despite the return of the crypto winter. Over 50% of employees were abruptly laid off as a result of Elon Musk’s Twitter purge, which took place over the past weekend. According to the new Chief Twit, Twitter’s servers are in danger of melting due to the continued unrest.

Additionally, the harsh Twitter makeover by the new owner sparked a tonne of insulting parodies, criticism from American lawyers, and even the suspension of its extremely ambitious crypto wallet plan.

While some Twitter users are looking for new homes, others went farther and filed a class-action lawsuit in the state of California against Elon Musk. The governments of Brazil and India, which “intend to stifle criticism” at any costs, may benefit from the new Twitter strategy, according to Bloomberg’s journalists, who argue that this is in addition to everything else.

Price of Dogecoin (DOGE) Drops by Doubling

But the cherished memecurrency of the Dogefather couldn’t avoid the repercussions. On Tuesday afternoon, the popular memecoin Dogecoin (DOGE) unexpectedly fell below the critical support level of $0.10.

According to CoinGecko, the ninth-ranked cryptocurrency is currently trading at $0.098860. The canine cryptocurrency, which had previously held the eighth position in terms of total market cap, was reluctantly forced to give it up today after Cardano (ADA) surpassed it by $500 million.

The Battle Of The Crypto-Giants

Despite the fact that DOGE is still 62% in the black on a monthly basis, the market price dropped by 11.1% in the previous day. With a 21.5% deficit over the last seven days, it is unable to reverse the negative trend.

Additionally, the conflict between Binance and FTX is causing the bears to continue to stir up trouble for DOGE. Popular crypto influencer Matt Wallace claims that this week’s cryptocurrency market losses were caused by the conflict between the two industry titans.

On the other hand

  • According to a number of ex-Twitter employees, joke emails led to their termination.
  • According to rumours, Elon Musk’s new team is developing “The Gold Play Button,” a new feature for accounts with more than 100,000 followers.
  • The price of Tesla’s (TSLA) stock decreased dramatically as well, falling below $200 for the first time this year.

Why It’s Important

Previously, DOGE took the lead in the rally following Musk’s acquisition of Twitter. The bear market is currently starting to make a comeback, and memecurrency is one of the hardest impacted.

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