Dogecoin Has Dropped 90% Since “The Dogefather” Debuted On SNL
May 12 2022 - 9:10PM
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Dogecoin, the most popular meme cryptocurrency, has dropped 30% in
the last 24 hours, but has already started to rebound. Someone
moved around 250 million Dogecoins during this enormous price drop,
with little more than half of that amount going to Robinhood. Whale
Move Dogecoin To Robinhood The @DogeWhaleAlert account, which
monitors large Dogecoin transfers, has discovered two transactions
totaling more than 100 million Dogecoins. The two DOGE lumps had a
total of 110,614,220 and 139,261,848 meme coins worth $8,497,274
and $11,625,997, respectively. The second Dogecoin payment was made
via the renowned Robinhood trading program, which allows users to
invest in equities as well as cryptocurrency such as Bitcoin,
Ethereum, Solana, DOGE, Shiba Inu, Bitcoin Cash, and other
prominent coins. 🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨 139,261,848 $DOGE ($11,625,997 USD)
was transferred from an unknown wallet to a #Robinhood wallet. Fee:
0.756 ($0.063 USD) Tx: https://t.co/ADkdxMqG32#DogecoinWhaleAlert
#WhaleAlert #Dogecoin #CryptoNews — Ðogecoin Whale Alert
(@DogeWhaleAlert) May 11, 2022 Following Bitcoin’s slide to $27,000
and Terra’s UST losing its dollar peg, Dogecoin has lost 30% of its
value in the last 24 hours, plunging $0.160 to $0.0723. However,
the coin has started to recoup some of its losses, climbing 9.47
percent as of press time. DOGE is now trading at $0.0793 on the
Binance market. Suggested Reading | Shiba Inu: Biggest Dollar
Holding Among Wealthiest Ethereum Whales DOGE Plummets Since Musk’s
Endorsement DOGE has plummeted 90% since reaching a historic high
on May 8 last year. Following Elon Musk’s declaration of himself as
“The Dogefather” on Twitter and subsequent appearance on Saturday
Night Live, the meme coin rocketed to $0.7376. (SNL). DOGE/USD has
plumetted 90% since Musk appeared on SNL. Source: TradingView
However, the presence of Tesla CEO Elon Musk on American television
triggered a large selloff, and the token sank to $0.45 three days
later. Musk has long been a supporter of Dogecoin, frequently
promoting it in his tweets and boosting its value. However, as time
passed, these tweets began to have little or no effect on the
Dogecoin price. Tesla, the electric car company, began accepting
the meme coin as payment for certain items in its online store in
January 2022. Musk responded by saying it was an experiment and
that he would see how it went. Related Reading | Dogecoin Displays
A Falling Wedge Pattern; Here’s What It Means Featured image from
UnSplash, chart from TradingView.com
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