Despite the crypto winter returning, the heat on Twitter continues to rise. Last weekend marked Elon Musk’s Twitter purge, which resulted in over 50% of workers suddenly being laid off. The ongoing turmoil has put Twitter’s servers at risk of melting, according to the new Chief Twit.
I just hope the servers don’t melt!
— Elon Musk (@elonmusk) November 8, 2022
Moreover, the brutal Twitter makeover by the new owner has inspired plenty of offensive memes, backlash from American attorneys, and even the pausing of its very ambitious crypto wallet plan.
While some members of the Twitter community are searching for a new home, others took it to another level and penned a class-action lawsuit against Elon Musk in the state of California. As if that wasn’t enough, Bloomberg’s journalists suggest that the new approach to Twitter can aid the governments of Brazil and India, which “want to suppress criticism” at all costs.
Dogecoin (DOGE) Price Sinks By Double Digits
However, the Dogefather’s beloved memecurrency couldn’t escape the consequences. The top dog memecoin Dogecoin (DOGE) surprisingly dropped below the crucial support line of $0.10 this Tuesday afternoon.
At the time of publication, the 9th ranked cryptocurrency trades at $0.098860, according to CoinGecko. Having enjoyed the 8th spot by total market cap for a while, the canine cryptocurrency was forced to grudgingly step aside today, as Cardano (ADA) surpassed it by half a billion.
The Clash Of Crypto Giants
Even though DOGE is still 62% in the green in monthly terms, the market price declined by 11.1% in the last 24 hours. It simply can’t get rid of the bearish trend, with a 21.5% deficit in the last 7 days.
Furthermore, the bears continue to make a fuss for DOGE with the feud between Binance and FTX. According to popular crypto influencer Matt Wallace, the confrontation between the two crypto giants led to crypto markets bleeding red ink this week.
On the Flipside
Several ex-employees of Twitter report to have been fired over meme emails.
Elon Musk’s new team is rumored to be working on a new feature called “The Gold Play Button” for accounts with over 100,000 followers.
Tesla’s (TSLA) share price also dropped significantly, below the $200 line for the first time this year.
Why You Should Care
Previously, DOGE led the rebound rally after Musk’s Twitter takeover. Currently, the memecurrency is amongst the hardest hit by the startingly resurgent bear market.
Stay in the know about the top memecurrencies: Dogecoin (DOGE) and Shiba Inu (SHIB):