Why Dogecoin Is Sinking Today
The price of Dogecoin (CRYPTO: DOGE) is sinking on Tuesday. The meme coin saw its value decline 4.6% from Monday at 4 p.m. ET to 12:43 p.m. ET Tuesday. The drop comes as the S 500 lost 0.2% and the Nasdaq Composite lost 0.8%.
Dogecoin's most prominent backer, Elon Musk, is once again involved in a public spat with President Donald Trump.
Musk's unofficial role as the "Dogefather" has left the cryptocurrency tied to Musk's public actions. His backing of Trump's presidential run and subsequent place in his administration as the head of the Department of Government Efficiency (DOGE) -- a not-so-subtle wink to Dogecoin -- propelled Dogecoin to heights not seen since 2021. The price more than doubled in the days following the election.
Source Fool.com
