Dogecoin Suddenly Crashes After Major Investor Backs Radical New Crypto Sending Its Price 1000% Higher

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Dogecoin, the ironic cryptocurrency that was adopted as a pet project by Tesla billionaire Elon Musk, suddenly crashed, losing 10% of its value in the past 24 hours.

The price of dogecoin has fallen nearly 20% over the past week, down after YouTuber and dogecoin investor Matt Wallace announced it was buying a new Tiger King-branded cryptocurrency.

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“I have a feeling $ tking (Tiger King coin) is going to go crazy when Tiger King season two rolls around,” Wallace tweeted over the weekend of July 4, adding that he “is buying it quickly. “.

The Tiger King brand’s tking token has climbed more than 1,000% this week, although Netflix has not announced a second season of the hit show.

Tking, launched in May and traded on the decentralized exchange Uniswap, has been endorsed by an unverified Twitter account claiming to be the “official account of Joe Exotic,” the star of the Netflix documentary series. Tking, with a negligible transaction volume of $ 7 million, is not large enough to have a confirmed market cap on crypto pricing sites CoinMarketCap or CoinGecko.

Exotic is currently serving a 22-year prison sentence for animal abuse and is trying to hire someone to kill her big-cat rival, Carole Baskin, who has launched her own cryptocurrency in recent months.

Although Wallace has reaffirmed his support for memes-based dogecoin, a massive sell-off has lowered the price of dogecoin by more than 30% over the past month.

“I still hold my dogecoin and my bitcoin despite the recent drops,” Wallace posted on Twitter last night, following: “Dogecoin is actually the future cryptocurrency of the earth.”

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The price of dogecoin has lost more than a third of its value in the past month.

Coinbase

Dogecoin, after seeing its price explode in January amid trade restrictions on so-called memes stocks, entered the top ten cryptocurrencies by value thanks to the support of Elon Musk and other leading investors and influencers. .

However, the price of dogecoin is largely dependent on Musk’s continued support and has lost ground in recent weeks as his interest in the token appears to wane.

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