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Dogecoin Loses Over $50 Billion Since SNL Performance

The meme-inspired cryptocurrency Dogecoin has shed over $10 billion in value ever since it entered the mainstream media thanks to Elon Musk. Dogecoin’s market cap is now approximately $50 billion less than what it was when the CEO of Tesla and SpaceX was featured on Saturday Night Live.

With a major rally in early May, Dogecoin at its height had a market cap of $80 billion. Ever since Elon Musk took it into the mainstream after May 8, Dogecoin began to precipitously fall to this day contrary to what others expected of its growth. Dogecoin’s current market cap is just at $26.5 billion, considerably lower than it was when Musk’s appearance was expected to make the coin rise in price even further. The meme-currency is trading at $.20 in comparison to $0.73, its all-time high.

Since Dogecoin started as a joke, the meme-currency is subject to genuine criticism of its rise and fall due to its endorsements from Elon Musk and other billionaire investors such as Mark Cuban. Elon Musk himself is under major backlash as many argue that investors that bought Dogecoin were due to his endorsements, and are currently losing money. A phenomenon that may have severe consequences for people who decided to jump on the hype train.

Others still joke about the extent of the overall losses experienced by Dogecoin in a matter of weeks. A former Bitrefill executive John Carvalho joked about the situation, asking Musk to make a statement about how Dogecoin rises after Musk tweets.

Bitcoin price corrections have been hard on altcoins recently. While many have left the trend, some of the large-cap altcoins have merely shed a significant value of their recent highs. Though now Bitcoin is gaining some of its market share from altcoins, with Bitcoin dominance once again rising and it is currently at 47%.

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