Dogecoin Shed 91% Of Its Value Since 2021 High – A Musk Tweet To Pump DOGE?
June 13 2022 - 9:59AM
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The Dogecoin army has been closely monitoring the meme coin’s
depreciating value week by week. DOGE has lost an enormous amount
of value from its all-time high on May 8, 2017, despite the fact
that it remains one of the top 12 cryptocurrencies. Monday’s
Coingecko statistics reveals that DOGE is trading at $0.054143, a
decrease of 34% over the previous week. More than a year ago on
this date, DOGE was trading at $0.739 per unit. Today, the 24-hour
price range for this cryptocurrency asset is between $0.064 and
$0.07 per coin. Dogecoin is widely regarded as the first “meme
coin,” having been founded as a joke by Jackson Palmer and Billy
Marcus in 2013 to poke fun at the abundance of altcoins flooding
the market. Suggested Reading | Ether Drops Below $1,400, Pummeled
By US Inflation And Difficulty Bomb Setback Dogecoin And Its Lost
Glory As of this writing, the market capitalization of Dogecoin is
$8.68 billion, which represents 0.755% of the $1.15 trillion crypto
economy. DOGE is ranked below Solana (SOL) and Polkadot (DOT) in
terms of market position, despite having the 11th
biggest market capitalization (based on Monday’s Coingecko
chart) DOGE is down over 91% since Elon Musk’s performance on
Saturday Night Live on May 8, 2021. That evening, Musk delivered a
series of monologues and skits that frequently mocked Dogecoin. The
price of Dogecoin has continuously risen as a result of Musk's
amusing tweets. Image source: Complex. The dog-themed coin
then quickly drew the attention of the billionaire
Musk who, ironically, began tweeting about it. Throughout 2020
and the first few months of last year, Musk’s humorous tweets
regarding Dogecoin consistently caused its price to increase.
During this period, the coin attracted a group of ardent supporters
known as the “Dogecoin Army,” whose declared objective was to
bring the coin’s price above $1 or, as Musk touted it, “over the
moon.” Many believed Musk’s debut on SNL would be effective.
Regrettably, it did not. Can A Musk Tweet Give DOGE A Shot In The
Arm This Time? Even though DOGE is down 91 percent from its
all-time high, it is still up an amazing 75,260 percent since the
asset’s all-time low on May 6, 2015. At that time, one DOGE was
worth $0.00000869 cents. Recent market performance for the
coin has not been encouraging, as the DOGE price has decreased
by 79.4 percent over the past year. DOGE total market cap at $7.20
billion on the weekend chart | Source: TradingView.com After a
massive bull run in 2020 and 2021, the crypto market has been
volatile all year, but “Crypto Winter” would soon set in
during the first week of May, when major currencies plummeted
alongside the stock market. Suggested Reading | Bitcoin Takes
A Beating At $27K As Crypto Economy Settles Just Above $1 Trillion
Along with the U.S. Consumer Price Index report for the month
of May, which showed consumer goods prices climbing 8.6 percent
compared to May 2021, the drop continued this past week. This is
the biggest year-over-year inflation figure since 1981.
Meanwhile, some are wondering if the “Musk influence” is still
there to lift DOGE out of the doldrums and let it make noise again
like it did during its heydeys. Featured image from Chain Debrief,
chart from TradingView.com
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