The news that Twitter is being sued for mass layoffs and meme coin rival Shiba Inu pushed caused the price of Dogecoin to drop by 7% in the last 24 hours.
The second-largest meme cryptocurrency, SHIB, is renowned for having a somewhat inverse relationship to DOGE, or for boosting after capital is pulled out of Dogecoin.
Dogecoin is already down about 25% from its November 1st high of $0.158, suggesting that some sort of correction was inevitable after its over 160% rally since late October.
Even though Dogecoin's market structure has not yet turned negative, it is still green on the weekly candle that opened at $0.117. The breaking news in Bloomberg of a Twitter lawsuit could cause a further drop.
Elon Musk's proposal to fire 3,700 employees, or about half the workforce, is the focus of the class action complaint.
Workers assert that Twitter Inc. is breaking federal and California law by carrying out that action without providing enough notice.
Today's crypto prices are generally rising, and yesterday's double-digit price increases included Litecoin (LTC) and Polygon (MATIC).
Mask Network (MASK), although being in the red today, increased by more than 500% last week.
According to CoinMarketCap, the overall value of the cryptocurrency market has increased by 1.7% in the last day and is now over $1.03 trillion.
A further encouraging development for cryptocurrencies is that the Ethereum price is slightly ahead of BTC. The Bitcoin price is also up 1%, moving back near the top of the trading range from the day of the FOMC.
Dash 2 Trade (D2T), Calvaria (RIA), and IMPT are three new cryptocurrency presales that we recently analyzed that might be a wise investment for "altcoin season," which many market experts say is just around the corner (IMPT).
The Dash 2 Trade presale has raised close to $5 million as a result of the confirmation of its first CEX listing on the LBank exchange.
Both the IMPT presale and the Calvaria presale are getting close to raising $1.5 million in total.
By fLEXI tEAM