Dogecoin Drops 15% as Meme Cryptocurrency Continues Weeks-Lengthy Slide

Greater than 15% was shaved off Dogecoin’s worth in a single day as the value of the favored meme foreign money continues to plummet. Solely yesterday Dogecoin was price $0.26, however in accordance with information aggregator Nomics, Dogecoin at the moment trades at $0.22 on the time of writing.

Latest weeks have been relatively purple for the normally optimistic Doge military, and at the moment’s crash provides to the bearishness across the in style “meme coin.” 

On Saturday, Dogecoin returned to NASCAR as a sponsor, having final sponsored a automobile in 2014’s All-Star race. Again then, the Doge automobile driver Josh Smart finished last

Saturday’s race was far worse than the debut, nonetheless, with Stefan Parsons finally crashing his Doge-themed Camaro right into a wall. Dogecoin joined the wreckage shortly after, this time proverbially, when it misplaced 9.6% of its worth in a single day.

Such promise, A lot wow

Dogecoin was created by software program programmers Jackson Palmer and Billy Markus in 2013, who meant it to be a tongue-in-cheek satire of altcoin tradition. Dogecoin has picked up a rabid fanbase since Bitcoin started its newest bull run final winter. They’re identified colloquially because the “Doge Military.”

A big a part of the DOGE’s recognition is because of its excessive visibility in celeb tradition. Tesla CEO Elon Musk is maybe essentially the most influential member of the Doge Military, steadily outing himself as a supporter on Twitter, the place he’s joined by rapper Snoop Dogg and KISS bassist Gene Simmons. 

On April 28 Musk pumped the value of Dogecoin by 15% to $0.69 when he introduced he’d be doing a skit about the coin on Saturday Night time Dwell. The evening earlier than his look, Doge reached its all-time excessive of $0.74. Barely minutes into Musk’s skit, although, and Dogecoin nosedived right into a cataclysmic freefall that sank the value to $0.43, undoing all of the positive factors it had made out of the pre-SNL hype. 

Such crash, a lot ow. 


The views and opinions expressed by the writer are for informational functions solely and don’t represent monetary, funding, or different recommendation.

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