Since May 2021, Dogecoin’s value has plummeted, although Tesla CEO Elon Musk frequently refers to it.
The Dogecoin (DOGE) family anticipated that the meme token will skyrocket “beyond the moon” in May of 2017, when DOGE was getting close to its all-time high value of $0.72. That was the Sunday Night Live appearance of Elon Musk, one of the token’s most enthusiastic supporters.
In spite of this, Dogecoin’s value has dropped significantly in the last 12 months of 2018. Dogecoin was trading at around $0.06 at the time of this article’s publication, down 91% since Elon Musk’s SNL show on May 8th, 2021. There were multiple monologues from Tesla CEO Elon Musk, as well as caustic satires on the DOGE cryptocurrency.
The Weekend Update cast members, however, admit that the meme coin was a scam during their signatures. During the show, the altcoin experienced steep drops in value in real time, falling by almost 20% in just one hour.
During the Sunday Night Live broadcast, several investors attempted to sell the token, and the amount of DOGE transactions briefly crashed Robinhood, a trading platform. After a disastrous summer of losses, the original meme currency had stabilized around $0.25 the previous fall. DOGE’s price has fallen to below $0.10 during the past month after a steady and slow decline.
It was in 2013 when Dogecoin, a meme token, first appeared on the market. They were making fun of all the altcoins (non-mainstream cryptos renowned for volatile price changes) entering the market.
Elon Musk, meantime, was drawn to the joke tokens and started tweeting about DOGE in a humorous manner. Twitter tweets by the billionaire throughout the first months of 2020 and 2021 frequently sparked price increases in Dogecoin.
The Dogecoin Army, a group of ardent supporters who vowed to push the price of DOGE to $1 or perhaps the moon, emerged during this period. Musk’s appearance on SNL was widely anticipated to be a success. That didn’t happen, and a year later, the original meme coin is in a downward spiral. Although Musk has continued to hint at DOGE incorporation into his major corporations, this has happened.
Musk confirmed a few weeks ago that SpaceX, like Tesla, will accept Dogecoin payments for items. After the acquisition, he wanted to introduce $DOGE payments on Twitter. Short-lived gains in the meme coin were spurred by these announcements.
At this point, it’s possible that Musk will have an easier time getting humans to Mars than Dogecoin did.