00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Dogecoin has dropped 13% over the past week and sits 88% below its all-time high as the
00:08Elon Musk correlation that once drove the coin has broken down, according to Benzinga.
00:14Musk's social media posts no longer move Dogecoin. As a March repost of an AI-generated
00:19video referencing, the coin produced virtually no price reaction. The Federal Department of
00:24Government Efficiency, which sent Dogecoin to a $61 billion market cap in November 2024,
00:30was terminated eight months ahead of schedule. Musk stated publicly that the government had
00:34no plans to use the coin. Over $47 billion in market cap has been erased since November 2024,
00:41leaving Dogecoin at $13.4 billion. Spot Dogecoin ETFs from Grayscale, 21 shares and Bitwise hold
00:49just $12 million combined following weeks of no inflows. The broader meme coin market has also
00:55collapsed, falling from $150.6 billion to roughly $38 billion since November 2024.
01:01For all things money, visit Benzinga.com.
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