Has Elon Musk Abandoned Dogecoin Amid Bear Market?

Has Elon Musk Abandoned Dogecoin
  • Dogecoin has recently seen the biggest 24-hour loss in the top 10 cryptocurrencies on CoinGecko.
  • Tesla CEO Elon Musk, who is a staunch supporter of the coin, has yet to give it a boost.
  • Neel Kashkari called Dogecoin “pon-zi”, while Dogecoin-funded race car performed poorly during a NASCAR race.

Meme coin Dogecoin continues to join the rest of the crypto market in a ruthless bloodbath. In the last 24 hours, the coin has had the most losses in the top 10 cryptocurrencies on CoinGecko. This is despite the fact that it was Bitcoin that was supposed to be struggling the most due to the shutdown of mining activities in China amid crackdown.

At the time of writing, Dogecoin price is $0.2262, according to CoinGecko. This is a -16.3% in the last 24 hours. Meanwhile, Bitcoin only suffered -4.8%, a modest figure compared to the former.

Ironically, Tesla CEO Elon Musk, arguably the staunchest supporter of Dogecoin, has yet to express his support during this time.

Like Bitcoin, Dogecoin has recently had a lot of negative remarks thrown at it from the populace and leaders. This time, Minneapolis Federal Reserve Bank President Neel Kashkari weighed it, calling it “ponzi”.

In context, Kashkari responded to a poll by Coinbase legal counsel Paul Grewal regarding the correct pronunciation of the mentioned cryptocurrency.

A couple of days ago, a DOGE-sponsored race car made an appearance during the NASCAR Xfinity Series Race, in an attempt to follow in the footsteps of the Bitcoin-themed Indy race car. However, the Dogecoin car did not fare well during the race, much to the disappointment of many.

The person behind the Twitter expressed that he was “sorry” that Elon had to see the underwhelming scene.

Meanwhile, the crypto market remains in red as many cryptocurrencies are struggling to hold their position in their respective support levels. Bitcoin itself saw a Death Cross, which is an extremely bearish signal that happens when the 50-day Simple Moving Average (SMA) nosedived the 200-day SMA.

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