‘Say something, Elon Musk!’ Dogecoin sheds $70B in market cap since SNL

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Dogecoin (DOGE), Elon Musk’s pet favourite cryptocurrency, has shed tens of billions of {dollars} in worth since he publicly plugged it on mainstream TV.

As sources noted this week, the meme-based altcoin’s market capitalization is now $69 billion down versus the place it was when the Tesla and SpaceX CEO hosted Saturday Night time Stay.

Dogecoin: 6 weeks, 70% losses

Dogecoin noticed a serious rally in early Could, and its peak had a market cap of $95 billion.

When Musk took to the airwaves on Could 8, opposite to expectations, DOGE/USD then started a precipitous fall that continues to this present day.

On the time of writing, Dogecoin’s market cap was simply $26.5 billion — 72% decrease. It trades at $0.20, a far cry from its $0.73 all-time highs.

DOGE/USD 1-day candle chart (Bittrex). Supply: TradingView

Began as a joke, Dogecoin can subject little real criticism of its rise and fall — this being down solely to viral promotion exercise by the likes of Musk and others.

Musk himself has sparked a serious backlash, nevertheless, as many argue that those that purchased DOGE based mostly on his efforts have misplaced cash — one thing which for them might have important penalties.

Others proceed to joke in regards to the extent of the market’s general losses in a matter of weeks.

“Say one thing, Elon Musk. SAY SOMETHING,” former Bitrefill government John Carvalho joked.

Final week, one analyst warned that Dogecoin might shed one other 60% in worth on prime of present losses.

Has the canine had its day?

The Bitcoin (BTC) worth retracement has been robust on altcoins extra broadly.

Whereas some have bucked the development, many of the large-cap tokens have shed important worth versus their latest highs.

Decentralized finance cash, information shows this week, are principally 75% decrease versus their very own peaks.

As merchants notice, nevertheless, altcoins stay in a special zone to the place they had been even final 12 months. Dogecoin, for instance, traded at simply $0.002 in June 2020.

“A variety of altcoins have dropped 50%–70% however are nonetheless up like 2000% from lower than a 12 months in the past,” widespread buying and selling account Squeeze summarized this week.

“Simply keep in mind that there’s no backside on the subject of altcoins.”

Bitcoin has managed to claw again a few of its market cap share from altcoins over the previous few weeks, reaching above 47%.

Bitcoin market cap dominance chart. Supply: TradingView