Dogecoin has declined even lower, marking 92% drop from last year’s historic peak
It’s been over a year since Dogecoin hit an all-time high of $0.7376 following Elon Musk’s debut on Saturday Night Live (SNL) last May.
During that show, he promoted his favorite crypto, DOGE, ultimately pushing the memecoin’s price to the aforementioned historic peak. However, by now, the price of Dogecoin has lost nearly all of its gains reached back then.
The founder and managing director of Compound Capital Advisors, Charlie Bilello, drew the attention of his followers to this fact on his Twitter page.
92% down from Musk-pushed record
The price suddenly soared first when Elon Musk referred to himself as “The DogeFather” and then hosted SNL. Following this, Dogecoin soared to $0.73 on May 9 with its market cap spiking to $91 billion—this was the figure reached by Bitcoin two years before that.
Musk shilled his favorite crypto, calling it an unstoppable financial vehicle that was taking over the world. He also mentioned that the coin was originally made and pitched as a joke, but now “it’s really taking off.”
However, after stating that DOGE is as real as the U.S. dollar, the Tesla boss had to admit that it was “hustle.”
Now, Dogecoin is trading at $0.05388, falling nearly 18% in the past 24 hours, according to CoinMarketCap.
“DOGE shows middle finger to the system”
Prominent supporter of Bitcoin and Ethereum, founder of Galaxy Digital Mike Novogratz, provided his own explanation back then as to the sudden growth of the leading meme cryptocurrency.
He tweeted that DOGE is “showing the middle finger to the system” for millennials and Gen Z people: the role played by Gamestop stocks earlier that year.
Dogecoin was created and launched in 2013 by IT engineers Billy Markus and Jackson Palmer as a parody of Bitcoin. The coin was inspired by the Shiba Inu dog breed. Later on, it became the favorite digital asset of Elon Musk.
Last year Tesla started selling some of its wares for DOGE, and in 2022 Musk tweeted that SpaceX would soon follow suit with Dogecoin here.
