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Tesla and SpaceX CEO Elon Musk, known to be vocal about various issues, Dogecoin remains no exception where it has seen many effects.
Dogecoin (DOGE) reached its all time high last May when it was trading at $0.72. Community and enthusiasts of Dogecoin then hoped that one of the biggest fans of meme currency Elon Musk would mention about it would result in boosting Dogecoin price ‘over the moon’. Then what happens is in front of everyone, when after some time in the same year, Dogecoin prices have fallen drastically.
While currently, at the time of writing, DOGE is trading at around $0.05 that is about 91% down from its value at the time of the most anticipated SNL appearance of Elon Musk on 8th May, 2021. During the night, Musk had performed a series of skits and monologues referring to Dogecoin, most of them were often mockingly.
Dogecoin price started plunging in its value in real time parallel to the time of the show aired, it showed a fall in price of about 20% of its value in just an hour. Looking at the shedding, so many people tried to get rid of cryptocurrency during Elon Musk’s SNL broadcast. It was clearly seen on prominent trading app Robinhood that was briefly overwhelmed at the time due to the volume of transactions on Dogecoin (DOGE).
After suffering huge losses, the price of Dogecoin (DOGE) started stabilizing at around $0.25 during last year. It has since then steadily started losing its value where it has even reached at the trading price of $0.10 during last month.
Dogecoin was created as a joke way back in 2013 by Jackson Palmer and Billy Markus. It is considered as the first meme currency coin that was created to make fun of plenty of altcoins that were flooding into the crypto space despite being actual assets with some value like other mainstream cryptocurrencies and they also fluctuate wildly.
Soon the meme currency was seen attracting the interest of Tesla and SpaceX CEO Elon Musk who started tweeting about the coin. It was during 2020 and initial months of 2021, that Musk had delivered joking tweets about Dogecoin (DOGE) sending its price surging regularly. Meanwhile, the coin also managed to attract so many people who became die-hard fans of the meme coin and called themselves the so-called ‘Dogecoin Army’, who started boasting its price to reach $1.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
