The tongue-in-cheek cryptocurrency has surged in value in the past year following endorsements by the likes of Tesla billionaire Elon Musk. However, the most recent crash means it is down almost 20% over the last week.
The crash in dogecoin price came after one of its most prominent investors, YouTuber Matt Wallace, announced he was buying a new Tiger King-branded cryptocurrency. The Tiger King token, branded after the hit Netflix show, has surged over 1,000% this week in anticipation of the streaming service announcing season two.
Wallace tweeted that “I feel like $tking (Tiger King coin) is going to go crazy when season two of Tiger King comes,” adding that he’s “buying it up fast.”
Tking was launched in May and is currently traded on the decentralized Uniswap exchange. The token has been endorsed by an unverified Twitter account that claims to be the official account for Joe Exotic, the star of the documentary series who is now serving a 22-year prison sentence after being convicted of wildlife violations and plotting to kill his rival, Carole Naskin.
Exotic has already been cashing in on the digital token craze, auctioning off a range of digital and physical assets as NFTs (non-fungible tokens) while in prison. His rival Baskin has even launched her own crypto, named $CAT, which she said will be used to purchase experiences and souvenirs from her own big cat sanctuary.
Tking currently has a negligible trading volume of $7 million, meaning it isn’t yet large enough to have a confirmed market capitalization on sites like CoinGecko.
Despite a sell-off sending the dogecoin price crashing by more than 30% over the last month, Wallace reaffirmed his commitment to the meme-based cryptocurrency. He tweeted: “I am still holding my dogecoin and bitcoin despite the recent drops,” even stating that “Dogecoin actually is the future cryptocurrency of earth.”
DOGE’s crash in the wake of Wallace’s comments are another example of the link between the volatile coin’s price and the Twitter activity of its prominent investors. Huge rises in its value has coincided with Elon Musk tweeting his support for the coin, although it has lost momentum in recent weeks as the Tesla CEO has appeared to lose interest.
However, yesterday Musk again endorsed DOGE, encouraging the “maximizing” of the cryptocurrency and warning of limitations he sees with bitcoin and ethereum.