Dogecoin’s market value has fallen by $70 billion, due to the fact that SNLDOGE has fallen 70% from its all-time high and because traders stated repeatedly that altcoins have “no bottom”
Dogecoin (DOGE) is Elon Musk’s favourite cryptocurrency mascot. Since he openly affiliated it to mainstream TVs, its value has lost tens of billions of dollars. As sources pointed out this week, the market value of meme-based altcoins is now less than $69 billion. The CEO of Tesla and SpaceX was there when they hosted Saturday Night Live.
Dogecoin: 6 weeks, a loss of 70%
Dogecoin rose sharply in early May and its high market value reached 95 billion US dollars. When Musk accepted the broadcast on May 8, there was unexpectedly a sharp drop in DOGE/USD, which continues to this day.
At the time of writing, the market value of Dogecoin is only $26.5 billion, a 72% drop. Its trading price is $0.20, which is a far cry from its historical high of $0.73. Due to the viral promotions of Musk and others, the rise and fall of Dogecoin may receive little real criticism.
However, Musk himself caused a huge backlash. Many people believe that those who bought DOGE due to his efforts have lost money, which may have major consequences for them. Others continued to joke about the extent of the overall market losses in a few weeks.
“Say something, Elon Musk.” Say something,” former Bitrefill executive John Carvalho joked. Last week, an analyst warned that Dogecoin may lose money A further 60% drop on the basis. Is this dog liveable? Bitcoin (BTC) has a broader attitude towards altcoins.
Although some people have bucked the trend, most of the large-cap tokens have been significantly larger than their recent highs. Devaluation. DeFi tokens, data shows that most of them are 75% lower than their peaks this week. Altcoins are still in different regions, even last year.
For example, Dogecoin was trading at only $0.002 in June 2020. “A lot of altcoins have fallen 50% to 70%, but in less than a year they are still up 2000%,” Squeeze, a popular trading account this week, concluded. Remember, altcoins have no bottoms.” In a few weeks, Bitcoin managed to regain some of the market value of altcoins, reaching more than 47%.