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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

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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.

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The current situation might see Musk facing fewer challenges taking humanity to Mars than Dogecoin to the moon. produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

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James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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