The cryptocurrency market was rattled as Dogecoin (DOGE) experienced a significant 5% decline in value, sending shockwaves through the industry. This decline, which caught many investors off guard, is attributed to a combination of factors that have created a cloud of uncertainty around the popular digital asset.
Firstly, the overall market sentiment towards cryptocurrencies has been bearish, with many investors becoming more cautious due to regulatory concerns and the ongoing legal troubles of influential figures in the industry.
Elon Musk’s Issues Affect Dogecoin Price
Elon Musk, the enigmatic figure known for his support of Dogecoin, was called back to provide testimony in a regulatory investigation regarding his purchase of Twitter. This has cast a shadow over the future of Dogecoin, as the outcome of Musk’s