Dogecoin (DOGE), the crypto community’s most popular and expensive ‘parody’ altcoin, has recently suffered massive losses as it dropped by 70% from the previous ATH (all-time high). The cryptocurrency is now down by nearly $70 billion as the market continues to experience the effects of the recent crash following a huge drop in Bitcoin’s (BTC) price.
DOGE had gone through an unfathomable streak of good luck and fortune over the past couple of years, with the altcoin being worth essentially nothing to eventually crossing the $0.1 mark. There were understandably many factors that contributed to DOGE’s success. However, many would agree that Elon Musk’s unconditional support for crypto had been the main reason. In fact, Elon believes in DOGE so much that he went out of his way to actually mention the altcoin by name on SNL (Saturday Night Live).
70% losses in 6 weeks
There had been a massive rally for DOGE back towards the beginning of May, during which the overall market cap for the altcoin was about $95 billion. Interestingly enough, many had expected that Elon’s appearance on SNL would only help Dogecoin reach even grander heights. However, this did not happen. In fact, the DOGE/USD pair then began exhibiting decreases and fluctuations, which still persist to this very day following Musk’s SNL appearance.
Right now, DOGE is trading at just below $0.20, hardly ideal for investors of the meme crypto as its price had been around $0.7 not too long ago. Naturally, many were quick to point fingers at Elon, who has since remained relatively silent on the current market situation. However, we must remember that the billionaire only ever did what he wanted and nothing else. The term ‘buy at your own risk’ is perfectly applicable here, as numerous DOGE investors now sit at a considerable loss, though this is also the case with various other cryptocurrencies too.
Is the DOGE hype truly over?
Bitcoin’s recent downfall has naturally had an adverse impact on the majority of the altcoins. Whereas some have managed to buck the trend, many have unfortunately shed substantial value in comparison to their respective recent highs.
It is, therefore, problematic to presume that DOGE is well and truly over, as the entire market is in the red right now. However, although many altcoins are at a loss right now, they are nonetheless still up by a huge percentage from the start of 2021.