Dogecoin (DOGE) has experienced an 8.6% drop in value within the last 24 hours, signaling that a price correction may be underway. The decline comes after Twitter CEO Elon Musk briefly pumped up the value of the meme cryptocurrency by changing the social media site's logo to a picture of Doge.

The value of DOGE rose by 20% within an hour, but it has since declined. Despite the drop, DOGE is still up by almost 18% over the last week, according to data from CoinGecko. Musk's recent endorsement of DOGE is not the first time the coin has experienced a rise and fall in value after being associated with him.

In May 2021, Musk revealed plans to incorporate DOGE into a "Saturday Night Live" skit, which prompted the cryptocurrency to reach an all-time high of $0.73. However, the price plummeted after the sketch was aired.

The other top 30 cryptocurrencies have remained relatively stable, except for Ripple's XRP, which has risen in value by 8.7% as investors are reportedly confident it will win a legal battle with the Securities and Exchange Commission.

(By Tim Hakki)