The value of the meme cryptocurrency Dogecoin (DOGE) has fallen in tandem with the general market after soaring in 2021 due to Elon Musk, the chief executive officer of Tesla.
In fact, since Musk named himself the “Dogefather” during his performance on Saturday Night Live (SNL) on May 8, 2021, the value of the cryptocurrency has plunged by more than 93 percent. During the event, DOGE was trading just over $0.725, however, at the time of publication, it was only $0.05.
Before the SNL programme, Dogecoin was trading at a record high, with the market capitalization reaching $92.23 billion despite increased volatility.
During Musk’s SNL performance, it was expected that he would support Dogecoin, causing another surge in the asset’s price.
As its founder tells investors to remain disciplined,’ SkyBridge Capital purchased a slump in the crypto market.
The look, however, did not have the anticipated impact. Eventually, holders sought to sell their tokens during the broadcast, overwhelming the trading software Robinhood.
Overall, Musk’s contributions helped to the formation of a passionate Dogecoin audience with the goal of driving the price to $1. This occurred when the token reached its all-time high in May 2021, during a favourable market trend.
DOGE has been in a downward spiral amid increased volatility since the event. Despite accusations that Dogecoin’s token lacks usefulness, Musk continues to work on enhancing the Dogecoin network.
Simultaneously, he has hinted at the incorporation of Dogecoin into his company’s activities, although the price continues to correct along with the whole cryptocurrency market. Specifically, he disclosed that Dogecoin could be used to buy products from both SpaceX and Tesla.
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