{"id":466116,"date":"2021-06-23T15:26:37","date_gmt":"2021-06-23T15:26:37","guid":{"rendered":"https:\/\/wncen.com\/?p=466116"},"modified":"2021-06-23T15:41:02","modified_gmt":"2021-06-23T15:41:02","slug":"the-dogefather-wont-save-this-dogecoin-dip-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dogecoin\/the-dogefather-wont-save-this-dogecoin-dip-heres-why\/","title":{"rendered":"The Dogefather Won’t Save This Dogecoin Dip, Here’s Why"},"content":{"rendered":"

Since Elon Musk appeared on SNL in May, Dogecoin has crashed more than 75%. On Tuesday, the meme coin became the worst performing digital currency as investors fled.<\/p>\n

Dogecoin Unholy Romance With The Dogefather<\/h2>\n
Earlier in the year, Elon Musk began tweeting about Dogecoin. His tweets served as a good signal for crypto investors as investors flocked to the coin as the price skyrocketed. Musk helped to put the meme coin on a pedestal, making it one of the top ten cryptocurrency.<\/p>\n
However, this wasn’t going to last.<\/p>\n
Dogecoin plunged over 75% from its ATH 45 days ago. The meme cryptocurrency lost 24% over 24 hours to hit $0.17413, according to CoinGecko<\/a>. That was around 76% lower than its record high of more than $0.70, reached in May amid expectations<\/a> that Elon Musk would use his “Saturday Night Live” performance to pump the token.<\/p>\n
The market cap of the coin also fell to a whopping $23 billion on Tuesday from a peak of $94 billion, a loss of $71 billion.<\/p>\n
Since the Tesla CEO’s appearance on Saturday Night Live (SNL), Dogecoin price has been in southward movement.<\/a> The $1 promise land the Dogecoiners expected continued to slip, yesterday’s crash capped it.<\/p>\n
“Many expected Elon Musk’s SNL appearance to send the already-soaring dogecoin even higher,” Michael Kamerman, CEO of crypto firm Skilling, said. “It had the opposite effect.”<\/p>\n
Cryptocurrencies have fallen dramatically<\/a> since May after Elon Musk halted payments for Tesla in bitcoin, citing its “insane” energy use<\/a>, and China started cracking down<\/a> on crypto “mining.”<\/p>\n
$\"\"$
DOGE\/USD is slowly recovering after yesterday’s crash. Source: Tradingview<\/a><\/figcaption><\/figure>\n
Related article |<\/strong> Dogecoin Creator Says Crypto Price is 99.9% Driven By Greater Fools<\/a><\/em><\/p>\n
Why Elon Musk Can\u2019t Help<\/h2>\n
Many eyes turned to the Dogefather during this price drop. Former Bitrefill CEO John Carvalho quipped about Musk’s absence:<\/p>\n
\n
Say something, @elonmusk<\/a>.<\/p>\n
SAY SOMETHING. pic.twitter.com\/sxKOtUik0b<\/a><\/p>\n
— John Carvalho (@BitcoinErrorLog) June 22, 2021<\/a><\/p><\/blockquote>\n