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- Dogecoin fails to maintain its 200 days average gain
- Doge fails to bolster investors confidence
- The virtual token tanked by 36% overnight
Dogecoin has finally hit its nemesis, and who else but its diehard fan-Elon Musk. It is the first affair with a dip in values for the meme-based cryptocoin. Investors are faced with a dilemma- Get out of Doge? Or should investors buy the dip?
A major tumble of dogecoin values
It was a significant tumble for Dogecoin on Mother’s day. The high-flying Dogecoin is facing one of the biggest challenges. The popular meme asset faces a steep fall in values after the iconic appearance of its greatest supporter on the sketch-comedy show “Saturday Night Live.” Musk’s advice of caution and calling the meme-based crypto a hustle brought a steep drop in its values. Don’t miss: Dogecoin price flops as Elon Musk hosts Saturday Night Live.
According to a story on marketwatch.com, dogecoin DOGE/USD was selling for 55 cents, according to CoinDesk. The virtual token tanked by 36% overnight and hit an all-time low of around 47 cents in New York. The drop has brought the crypto below its 200 days moving average. According to Investing.com, the latest fall below the 200-day moving average signifies a significant change in the asset’s long-term trend. Traders are closely watching the fall for bullish and bearish trends.
The slump was a surprise but not unexpected
The marketwatch.com further added that the slump went against forecasts. Most investors were waiting for the surge in the value of DOGE after Elon Musk’s debut appearance on “SNL.” Instead of a surge, the worst happened. Most experts blamed the downfall on lack of confidence by investors in Doge. Doge was created in 2013 as a meme-based token and was considered a light-hearted substitute to the more prominent tokens like Bitcoin(BTC) and Ether.
Earlier, Bullish talk about Dogecoin by the chief executive of Tesla Inc. TSLA, +1.33%, and Space Exploration Technologies Corp helped the token rise steadily. Most investors were hoping the positive words by the Tesla CEO on SNL will take the value of the DOGE beyond $1 proved unfounded. Though the expectation was not very lofty, still marketwatch.com reminded readers Doge traded at $0.005 on the final day of 2020.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
