11/8/2022 | DailyCoin

Elon Musk Claims Twitter Usage At Record Levels As Dogecoin (DOGE) Plunges 11.1%

Elon Musk Claims Twitter Usage At Record Levels As Dogecoin (DOGE) Plunges 11.1%

Despite the crypto winter returning, the heat on Twitter continues to rise. Last weekend marked Elon Musk’s Twitter purge, which resulted in over 50% of workers suddenly being laid off. The ongoing turmoil has put Twitter’s servers at risk of melting, according to the new Chief Twit.

Moreover, the brutal Twitter makeover by the new owner has inspired plenty of offensive memes, backlash from American attorneys, and even the pausing of its very ambitious crypto wallet plan.

While some members of the Twitter community are searching for a new home, others took it to another level and penned a class-action lawsuit against Elon Musk in the state of California. As if that wasn’t enough, Bloomberg’s journalists suggest that the new approach to Twitter can aid the governments of Brazil and India, which “want to suppress criticism” at all costs.

Dogecoin (DOGE) Price Sinks By Double Digits

However, the Dogefather’s beloved memecurrency couldn’t escape the consequences. The top dog memecoin Dogecoin (DOGE) surprisingly dropped below the crucial support line of $0.10 this Tuesday afternoon.

At the time of publication, the 9th ranked cryptocurrency trades at $0.098860, according to CoinGecko. Having enjoyed the 8th spot by total market cap for a while, the canine cryptocurrency was forced to grudgingly step aside today, as Cardano (ADA) surpassed it by half a billion.

The Clash Of Crypto Giants

Even though DOGE is still 62% in the green in monthly terms, the market price declined by 11.1% in the last 24 hours. It simply can’t get rid of the bearish trend, with a 21.5% deficit in the last 7 days.

Furthermore, the bears continue to make a fuss for DOGE with the feud between Binance and FTX. According to popular crypto influencer Matt Wallace, the confrontation between the two crypto giants led to crypto markets bleeding red ink this week.