China’s crackdown is not only crippling Bitcoin, most other coins have also crashed alongside the leading cryptocurrency.
The Dogecoin price has lost more than 20% overnight – the price of the pouplären meme coin just keeps falling. In the last 7 days, there has even been a loss of almost 38%. Just yesterday, Dogecoin was worth $0.26-but according to data aggregator Nomics, Dogecoin is currently trading at just $0.19 (time of this article).
The past few weeks have been rather red for the generally optimistic DOGE community, and today’s crash adds to the current bearishness around the ” meme coin.”
On Saturday, Dogecoin was again a sponsor at NASCAR, having last sponsored a car in the All-Star race in 2014. At that time, Doge driver Josh Wise was the last to finish.
Saturday’s race, however, was even worse than the debut: Stefan Parsons drove his Doge-branded Camaro against a wall. Dogecoin joined the wreckage shortly after-this time proverbially, and lost 9.6% of its value overnight.
So promising, so wow
Dogecoin was created by software programmers Jackson Palmer and Billy Markus in 2013. The coin should be a tongue-in-cheek satire of altcoin culture. Dogecoin has been able to build an enthusiastic fan base around itself since Bitcoin began its last bull run last winter. The community is colloquially known as the “Doge Army”.
Much of the DOGE’s popularity is due to its high visibility in celebrity culture. Tesla CEO Elon Musk is perhaps the most influential member of the Doge army, having outed himself more than once as a supporter on Twitter. There, rapper Snoop Dogg and KISS bassist Gene Simmons had also joined in the DOGE praise.
On April 28, Musk was able to pump up the price of Dogecoin by 15% to $0.69 by announcing he would be putting a sketch on the cryptocurrency on Saturday Night Live. The night before his appearance, Doge reached its all – time high of $0.74. Minutes later, however, Dogecoin plunged into a catastrophic free fall-and the price fell back to $0.43. All the profits that the coin was able to generate from the hype surrounding Musk’s SNL appearance were destroyed in one fell swoop.
“Such a crash, so much ouch,” one would probably say in the DOGE community. Whether the coin will recover without further advocacy from Elon Musk? One thing is certain: if the Tesla CEO sticks to his intentions to improve DOGE, the coin could face a massive upswing as soon as Bitcoin also manages to recover.
Text credit: Decrypt
Last updated on June 22, 2021
Top Brokers for buying and trading cryptocurrencies
- Buy Real Bitcoin or Bitcoin CFDs
- Wallet and Exchange in one
- 14 + Cryptos
- EU regulated
- Over 40 cryptos on offer
- Fees rather in the midfield
Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.