DOGE price has more room to decline despite Elon Musk's visible efforts to revive its upside boom.
Dogecoin (DOGE) may be back in the top-ten cryptocurrency by market capitalization, but its loses in both USD and Bitcoin (BTC) terms since Elon Musk's SNL appearance are considerable.
Dogecoin loses Musk-effect
The DOGE/BTC trading pair has fallen 75% after peaking out at 1,287 satoshis on May 9, 2021, a day after Musk was a guest host on Saturday Night Live, including a sketch titled “The Dogefather.”
DOGE/BTC daily price chart. Source: TradingView
Before his appearance, the billionaire entrepreneur was relentlessly tweeting Dogecoin memes, images, which helped DOGE — a cryptocurrency that started out as a joke — to attain a market capitalization north of $90 billion in May 2021.
That's more than 36,000% gains in just two years. But things have gone downhill ever since.
Investors reflected hopes that even an optimistic wink from Musk on SNL toward DOGE would prompt his 106 million followers to buy the meme-token. But Musk did an unforeseeable thing: he called Dogecoin a "hustle."
One day later, DOGE's price began its decline from its all-time high. It continues its downtrend to this day, changing hands for about 300 satoshis versus its peak value of 1,287 satoshis.
Simultaneously, the price of Dogecoin has crashed by more than 90% against the U.S. dollar after peaking out at $0.76 in May 2021.
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