Why Dogecoin Plunged 11% Today

Why Dogecoin Plunged 11% Today

The value of Dogecoin (CRYPTO: DOGE) plunged as much as 11% on Wednesday as yesterday's pop wears off. Shares of Dogecoin jumped over 40% early on Tuesday after Elon Musk tweeted that Tesla will make some merchandise buyable with Dogecoin. The Tesla CEO has been a key proponent for Dogecoin, and this is the first time he's brought up a real utility for the cryptocurrency.