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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