Leading meme coin has lost 87% of its gains obtained a year ago thanks to Elon Musk’s debut on SNL
A year ago, on May 8, Dogecoin hit an all-time high of $0.7376 after Elon Musk pumped it during its Saturday Night Live (SNL) debut. Now, the meme coin is down around 87% from that all-time high.
Chief executive and founder of Compound Capital Advisors, Charlie Bilello, has reminded the community about this in his recent tweet.
Musk pumping DOGE during SNL, causing him to reach ATH
Before Musk hosted the famous American TV show, his favorite crypto asset, Dogecoin, was trading at $0.3. The Tesla boss mentioning this coin (as well as Bitcoin and Ethereum) on SNL pushed DOGE price to $0.73.
DOGE’s market cap soared to $93 billion on that day, gaining more than $10 billion within just 24 hours; this was equal to BTC market capitalization two years prior to that.
During the show, Musk called Dogecoin “an unstoppable financial vehicle that will take over the world.”
He also mentioned that DOGE began as a joke, a parody on Bitcoin, in 2013, but now “it’s taking off in a real way.” Prior to his TV appearance, the Tesla chief jokingly called himself “Dogefather” on Twitter, when announcing his upcoming debut on SNL.
Dogecoin down 87% despite wide adoption
After that, the coin fell, reaching a low of $0.1 in late June and managing to return to local highs of $0.3 in August and October 2021. Elon Musk’s frequent tweets about DOGE, like the one where he called the coin the “currency people”, managed to drive the price up, but not for long.
Aside from that, later in 2021, many businesses and vendors started accepting Dogecoin for their goods and services. Part of them happened this year. Among the businesses that adopted DOGE are the U.S. movie theater chain AMC, Gucci, Porsche dealer Porsche Towson and global investment company Jamestown focused on real estate.
Additionally, DOGE is used as a payment method by the online store of the Dallas Mavericks, a professional basketball team owned by billionaire and investor Mark Cuban.
At the time of writing, Dogecoin is going for $0.1133, dropping nearly 7% in the past 24 hours. CoinMarketCap now shows that the price is 84.53% below the all-time high.