Dogecoin, the tongue-in-cheek cryptocurrency that’s been adopted as a pet project by Tesla billionaire Elon Musk, has suddenly crashed—losing 10% of its value in the last 24 hours.
The dogecoin price is down almost 20% over the last week, dropping after YouTuber and dogecoin investor Matt Wallace announced he was buying a new Tiger King-branded cryptocurrency.
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“I feel like $tking (Tiger King coin) is going to go crazy when season two of Tiger King comes,” Wallace tweeted over the 4th of July weekend, adding he’s “buying it up fast.”
The Tiger King-branded tking token has soared over 1,000% this week even though Netflix hasn’t announced a second season of the hit show.
Tking, launched in May and traded on the decentralized Uniswap exchange, has been endorsed by an unverified Twitter account claiming to be the “official account for Joe Exotic,” the star of the Netflix documentary series. Tking, with negligible trading volume of $7 million, isn’t large enough to have a confirmed market capitalization on crypto price sites CoinMarketCap or CoinGecko.
Exotic is currently serving a 22-year prison sentence for animal abuse and attempting to hire someone to kill big cat rival Carole Baskin—who’s launched her own cryptocurrency in recent months.
Despite Wallace going on to reaffirm his support of the meme-based dogecoin, a sell-off has sent the dogecoin price more than 30% lower over the last month.
“I am still holding my dogecoin and bitcoin despite the recent drops,” Wallace posted to Twitter last night, following it up with: “Dogecoin actually is the future cryptocurrency of earth.”
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Dogecoin, after seeing its price explode in January amid trading restrictions being placed on so-called meme stocks, broke into the cryptocurrency top ten by value thanks to support from Elon Musk and other high-profile investors and influencers.
However, the dogecoin price is largely dependent on Musk’s continued support and has lost ground in recent weeks as his interest in the token appears to wane.