Dogecoin Unholy Romance With The Dogefather
Earlier in the year, Elon Musk began tweeting about Dogecoin. His tweets served as a good signal for crypto investors as investors flocked to the coin as the price skyrocketed. Musk helped to put the meme coin on a pedestal, making it one of the top ten cryptocurrency.
However, this wasn’t going to last.
Dogecoin plunged over 75% from its ATH 45 days ago. The meme cryptocurrency lost 24% over 24 hours to hit $0.17413, according to CoinGecko. That was around 76% lower than its record high of more than $0.70, reached in May amid expectations that Elon Musk would use his “Saturday Night Live” performance to pump the token.
The market cap of the coin also fell to a whopping $23 billion on Tuesday from a peak of $94 billion, a loss of $71 billion.
Since the Tesla CEO’s appearance on Saturday Night Live (SNL), Dogecoin price has been in southward movement. The $1 promise land the Dogecoiners expected continued to slip, yesterday’s crash capped it.
“Many expected Elon Musk’s SNL appearance to send the already-soaring dogecoin even higher,” Michael Kamerman, CEO of crypto firm Skilling, said. “It had the opposite effect.”
Related article | Dogecoin Creator Says Crypto Price is 99.9% Driven By Greater Fools
Why Elon Musk Can’t Help
Many eyes turned to the Dogefather during this price drop. Former Bitrefill CEO John Carvalho quipped about Musk’s absence:
Say something, @elonmusk.
SAY SOMETHING. pic.twitter.com/sxKOtUik0b
— John Carvalho (@BitcoinErrorLog) June 22, 2021
Carvalho went on to criticize Elon:
“To lazy passers-by, I’m not a dogecoiner, I’m asking him (Elon Musk) to own up to being a colossal dou*** nozzle.”
Musk’s disappearance from the DOGE plunge, however, was not protracted, as he was seen Tweeting about ecosystem developments relating to the meme-coin, much to the relief of the Dogearmy. In response to Dogecoin creator Ross Nicoll’s Tweet regarding the fee reduction code and a probable live demonstration of it on the coin testnet, Elon praised it as “an important improvement.”
This is an important improvement
— Elon Musk (@elonmusk) June 22, 2021
Recently, pseudonymous analyst Tyler Durden highlighted a “Head and Shoulder” pattern and hinted that the alt’s price has a tendency to crash once it breaks below the $0.299 support level (which it did). He further claimed this time even the Tesla CEO can’t save DOGE:
“Even Elon can’t save this with his tweets. He’s tried and each time he just created another lower high. 0.05 is programmed.”
“In this climate, it’s not a surprise that dogecoin, which began its crypto journey as a joke, has suffered one of the steepest declines in recent days,” said Susannah Streeter, senior markets analyst at broker Hargreaves Lansdown.
Related article | What Elon Musk’s Vision Of The Dogecoin Moon Could Look Like
Featured Image from Pixabay – Charts by TradingView