Dogecoin (DOGE) Over 90% Down Since Musk’s SNL Appearance
Dogecoin has seen massive losses since the 15-minute fame in May 2021, though the Tesla executive still invokes it regularly.
Dogecoin (DOGE) family expected the meme token to shoot “above the moon” last year (May) when DOGE neared its $0.72 ATH. That was when Elon Musk, one of the token’s super fans, appeared on Sunday Night Live.
Nevertheless, Dogecoin has deteriorated this year. While publishing this content, Dogecoin traded around $0.06, losing 91% since Elon Musk’s SNL show on 8 May 2021. The night had Tesla CEO performing several monologues plus satires that referenced DOGE, often sarcastically.
Meanwhile, cast members present Musk during the Weekend Update signature, conceding that the meme coin was a hustle. The altcoin responded with massive real-time declines during the show, losing more than 20% within an hour.
Many investors tried offloading the token during the Sunday Night Live broadcast, and the DOGE transaction volume briefly overwhelmed Robinhood, a trading app. The original meme coin steadied near $0.25 the previous fall following massive losses during summer. DOGE continued gradual and steady plunges, plummeting beneath $0.10 the past month. a
Dogecoin was the initial meme token to arrive in the market in 2013. Billy Marcus and Jackson Palmer as a joke for the many alts (non-mainstream cryptos known for wild fluctuations) flooding the marketplace.
Meanwhile, the joke tokens attracted Elon Musk, who started ironic tweets about DOGE. The billionaire’s Twitter posts throughout the 2020 and 2021’s initial months regularly triggered price surges in Dogecoin.
That phase saw the token attracting diehard fans, the Dogecoin Army, who introduced an objective to send DOGE price beyond $1 or above the moon. Many expected to hit the goal with Musk’s SNL show. That never happened, and the original meme coin traverses a downside spiral a year later. That came despite Musk continuing to tease DOGE integration into his top companies.
Some weeks ago, Musk revealed that SpaceX would introduce Dogecoin payments for merchandise, like Tesla. Moreover, he planned to add $DOGE payments on Twitter following the acquisition. These announcements triggered short-lived upticks for the meme coin.
The current situation might see Musk facing fewer challenges taking humanity to Mars than Dogecoin to the moon.
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