Dogecoin price continues to plunge as Musk’s Twitter takeover turns into a disaster

The price of Dogecoin, the leading meme crypto-currency, is down 4.71% over the past 24 hours, according to Coingecko data.

The bitcoin parody has now lost more than 24% of its value after peaking at $0.158 following a triple-digit rally last week.

Currently, the crypto meme is changing hands at $0.123.

Elon Musk’s tenure as “Chief Twit” has gotten off to a terrible start, which is likely affecting the performance of the meme currency’s price. Advertisers have been fleeing the company in droves. Musk recently used his account, which has 110 million followers, to amplify dangerous right-wing misinformation and fired half of Twitter’s workforce.

Elon Musk is also trying to force verified Twitter accounts to pay $8 a month by making them subscribe to the new Blue service. This is apparently a desperate attempt to save the struggling company, which is currently losing a lot of money.

The billionaire also said that Blue subscribers would be given priority in responses, which would stifle dissenting voices and amplify misinformation.

Advertising accounts for as much as 90 percent of Twitter’s annual revenue, and it’s highly unlikely that Musk will make up for the massive losses with paid subscriptions.

With Twitter’s future looking increasingly uncertain, it seems Dogecoin’s plans are definitely taking a back seat.