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Seeking Alpha 2022-11-11 21:55:15

Why did Dogecoin go down today? Bitcoin resumes rough slump

Dogecoin ( DOGE-USD ), the most popular meme coin, slipped 7% in Friday afternoon trading as bitcoin ( BTC-USD ) and other major cryptocurrencies resumed their huge weekly decline, triggered by a wild week of events leading up to formerly-prominent crypto exchange FTX filing for Chapter 11 bankruptcy . The slump seen in doge ( DOGE-USD ) was marginal, falling less than one cent to $0.08 at around 5:00 p.m. ET. In a similar downward spiral seen among crypto names amid a broader downturn in the emerging space, doge dropped 34% in the past five sessions and -52% year-to-date. By comparison, bitcoin ( BTC-USD ) dipped 6% to $16.74K, bringing its weekly losses to 21.1% and -65% YTD. Nevertheless, doge ( DOGE-USD ) was actually elevated by some 40% M/M in the wake of Elon Musk's Twitter ( TWTR ) takeover, in a move that provides "concrete evidence that Musk could be planning to use Dogecoin in the Twitter ecosystem," said Seeking Alpha contributor The Digital Trend . That would come as Musk has posted tweets about doge ( DOGE-USD ) countless times whereby those tweets usually fueled the direction of doge's price. Earlier, bitcoin, other cryptos resume decline after FTX files for Chapter 11 .

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