Why Dogecoin Value declined today?

 The value of Dogecoin is declining after a record-breaking rally that saw it reach new highs. Dogecoin's value was boosted by enthusiastic support from figures such as Elon Musk, who helped push the value of the light-hearted dog-themed cryptocurrency, which was developed as a meme, to new heights. On April 16, the cryptocurrency reached a high of $0.45 (roughly Rs 34).

Since then, however, the cryptocurrency has been on the decline. The crash started on April 21, a day after Dogecoin supporters celebrated 'Doge Day.' Backers used hashtags like DogeDay and DogeDay420 to post memes and tweets on different social media sites, causing the cryptocurrency's value to grow.

Dogecoin's price was just over Rs. 16 on Friday (at the time of writing).

Elon Musk, the CEO of Tesla and SpaceX, has had a significant impact on Dogecoin's growth, with his frequent tweets sending the cryptocurrency's price soaring.

Musk tweeted a screenshot of a 1926 painting by a Spanish artist titled "Dog Barking At The Moon" on April 15 and changed the title to "Doge Barking At The Moon," referring to the cryptocurrency. Dogecoin's value reached an all-time high as a result of this. Musk, on the other hand, hasn't tweeted about the cryptocurrency since it started to fall.

Musk praised Dogecoin in a series of tweets in February, causing the meme-based cryptocurrency's value to skyrocket. He began by tweeting a picture of a rocket hitting the moon, followed by the single word "Doge."

Musk also shared his take on the Lion King's famous illustration of Rafiki carrying a baby Simba atop Pride Rock. He replaced the mandrill-face shaman's with his own, and the lion cub's face with the Dogecoin emblem — a Shiba Inu, a Japanese dog breed.“Dogecoin is the people's crypto,” he wrote and followed it up with a rather funny yet witty tweet: “No highs, no lows, only Doge”.

The company tycoon didn't stop there. He updated his cryptocurrency articles with two more.

Snoop Dogg, the rapper, and Gene Simmons, the lead singer of Kiss, have also backed Dogecoin.

Snoop Dogg mocked Musk in February with a parody of one of his songs, dubbed "Snoop Doge."

Simmons announced to his followers in February that he had "bought a major share in Dogecoin." He simply wrote "To the moon" in another tweet, with a picture of Musk driving the cryptocurrency higher.