Dogecoin (DOGE) is almost 90% down from its all-time high

by | Aug 5, 2022 | Market, Market News, News | 0 comments

With the introduction of the new digital currency system, which is of different types, new conflicts have also surfaced. Like any other aspect of the financial system, the digital currency market is also subjected to various scrutinies and tough times. It has faced several ups and downs in its lifetime, mostly because of the uncertain nature of this particular currency. Likewise, the coin, after experiencing an all-time high at a value of almost 0.72 dollars faced a bit of a downward trend, negating all sorts of expectations from it.

Take a look at the ups and downs of Dogecoins

As mentioned above after the rise of the value in the Dogecoins, users expected highly from it and as a result, its value was expected to go higher. To add to it, the appearance made by Elon Musk, on the show Saturday Night lives filled its devoted users with high expectations who hoped that the value of this coin would touch its peak after this. However, on the contrary, the price of this particular joke coin has shattered all expectations and has shown a downward trend.

Currently, as per the latest reports, it has been reported that the value of Dogecoins has come down as low as 0.06 dollars. This trend has been recorded since Musk appeared on the show, that is, in May the previous year. In this show, however, Musk had referred to the Dogecoins several times, in one way or the other, which was the reason why people got their hopes high. As everyone knows the uncertain nature of these digital currencies is such that, their value depends upon the popularity and support it has managed to garner. If a cryptocurrency fails to do that its value automatically lowers.

However, in the case of Dogecoins, steps taken to advertise it and add to its popularity seem to have failed miserably.

State of the coin after the appearance of Musk

Even though Musk had referred to it multiple times on the show, in the weekend update of the show, Musk after multiple persuasion by the cast members, termed the coin as a “hustle”. It is difficult to say what acted against the coins after the show aired, but things took a turn for the worst in real-time right after the telecast of that episode. The price of Dogecoin plunged to new lows and as much as 20% of its value went down in a single hour.

There was such a rush to offload the currency during the telecast of the SNL episode, that the platform known as Robinhood, a trading app, was overloaded with Dogecoins transactions.

However, after suffering a dramatic fall, it managed to regain its value and maintained its value at 0.25 dollars, the last fall. However, it has still been falling tremendously low which has raised concerns among its users. As per data recorded recently, its value has even fallen below 0.10 dollars at a certain point in time.

Conclusion 

The Dogecoins were created solely because of a joke and were made to mock altcoins. However, after it was able to capture the attention of billionaire Elon Musk, its value plummeted and people started showing interest in it. Musk, soon started tweeting about the coins which were exposed to the public eye. After that, with each tweet of Musk on the joke coins, the price of the coins started rising and touched new heights. It attracted such huge popularity, that it even had a huge fan vase dedicated to it. This fan base intended to take the value of the Dogecoins to new levels and make its price as high as 1 dollar.