Elon Musk Shifts Focus to AI, Causing a 10% Drop in Dogecoin Value Over the Week

Dogecoin (DOGE) has hit a two-month low, falling 1.7% over the day and almost 10% on the week to a value of $0.073, according to CoinGecko. While the meme-based cryptocurrency saw a surge in late January to early February thanks to comments from Tesla CEO Elon Musk, who has vocally expressed his support for the asset, his most recent comments about shifting his focus to artificial intelligence on 3 March caused a dip. Morgan Creek Capital Management’s CIO Mark Yusko called meme coins “speculative nonsense” that “don’t have any value”. Despite DOGE’s stumble, it remains the ninth-largest cryptocurrency by market capitalisation, valued at $10.3bn.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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