The Dogecoin price crashed 7% in the past 24 hours on news that Twitter is being sued for mass layoffs, and meme coin rival Shiba Inu pumped.
The second largest meme cryptocurrency, SHIB is known for something of an inverse correlation to DOGE, or for pumping after money is divested out of Dogecoin.
Dogecoin Price Drop in November
After its over 160% pump since late October, some form of correction was likely – Dogecoin is now down around 25% from its November 1st high of $0.158.
The breaking news in Bloomberg of a Twitter lawsuit could lead to a further Dogecoin crash, although its market structure hasn’t yet flipped bearish, still green on the weekly candle which opened at $0.117.
The class action lawsuit centers around Elon Musk’s plan to lay off half the workforce, approximately 3,700 employees.
Workers claim Twitter Inc. is doing that without sufficient notice and therefore in violation of federal and California law.
With how closely traders watch the ratio between Shiba Inu and Dogecoin, some crypto exchanges such as Binance also have a SHIB/DOGE trading pair.
On the last day, SHIB/DOGE is up 12%.
Best Crypto to Buy Now
Many crypto prices are in the green today, and several altcoins had double-digit pumps yesterday – including Polygon (MATIC) and Litecoin (LTC).
Mask Network (MASK), while in the red today moved up over 500% in the past week.
The total crypto market cap is up 1.7% in the past day, now over $1.03 trillion according to CoinMarketCap.
The Bitcoin price is also up 1%, recovering back towards the top of the trading range from FOMC day, and the Ethereum price is leading BTC slightly, another bullish sign for altcoins.
Three new crypto presales we’ve reviewed recently that could be a good bet for ‘altcoin season’ – which many market commentators predict is around the corner – are Dash 2 Trade (D2T), Calvaria (RIA), and IMPT (IMPT).
The Dash 2 Trade presale is now fast approaching $5 million raised on news of its first CEX listing being confirmed, on the LBank exchange.
The Calvaria presale is also nearing the $1.5 million mark, and the IMPT presale has passed $12 million raised.
For those holding onto DOGE or buying the dip, read our latest Dogecoin price prediction here.