Doge declined in value by 9.1 percent, from $0.264 at 9.30am on Thursday to $0.240 at 7.00am this morning. Bitcoin also had a bad start to the morning, falling 3.3 percent from $33,876 at 0.15am to $32,774 at just before 7am.
It’s rival Ethereum dropped 4.9 percent, from $2,135 at 1am to $2,031 around 7am this morning.
On Thursday Mr Musk posted two tweets about Doge, a cryptocurrency he has taken a keen personal interest in.
Previously the billionaires Twitter comments have had a dramatic impact on the value of Doge.
The differing fortunes for the cryptocurrencies has given fears and hopes to something termed ‘The Flippening’.
This is the long-awaited switch where Ethereum becomes more valuable than Bitcoin.
On Wednesday, Ethereum overtook Bitcoin in daily active addresses for the first time, according to analysts.
The number of daily active addresses reached above 649,000, while Bitcoin fell to around 580,000, analytics firm Santiment reported.
Cryptos were also dealt a huge blow this week after the Financial Conduct Authority (FCA) banned Binance, which is one of the world’s biggest crypto exchanges, from carrying out any regulated activity in Britain.
This has now lead to a number of crypto asset firms abandoning their attempts to register with Britain’s financial regulator in a bid to fight back against the intensifying global scrutiny.
Since January, crypto-related firms have had to register with the FCA, but only six have registered so far, and around 64 have withdrawn their applications since the announcement.
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