Why Dogecoin Is Falling Today

Dogecoin (CRYPTO: DOGE) is trading lower on Thursday. The meme coin's token price is seeing bearish pressures in conjunction with recent comments made by Tesla (NASDAQ:TSLA) CEO Elon Musk.

What Happened: The cryptocurrency last traded down 3.9% over the past 24 hours at $0.0869.

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) were also trading lower.

The S&P 500 and Nasdaq Composite were down 0.1% and up 0.2%, respectively.

Musk, a Dogecoin fan, said he plans to keep buying the cryptocurrency and will not sell his remaining meme coin or Shiba Inu (CRYPTO: SHIB) holdings.

"I keep getting doge & shib. I can't escape it. Fine, I'll keep buying," Musk said in a tweet on Thursday.

The Tesla CEO previously said he would sell his remaining Dogecoin if his followers voted for him to do so, but a recent poll showed 53.9% of respondents were against the move.

Dogecoin Price Action: Over the past 24 hours, Dogecoin has traded as high as $0.088 and as low as $0.084.

The meme coin has a 52-week trading range of $0.048 to $0.18.

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