Cryptocurrency Dogecoin’s stroke of misfortune is not disappearing soon. Dogecoin has forfeited $71 billion as Elon Musk pulled out its support for the company. From a $94 billion gain to just a $23 billion gain, the 75% loss represents the consequences of Musk’s tirades versus cryptocurrencies.
In addition, the dip is also caused by the Chinese officials’ continued suppression of cryptocurrencies, according to CoinGecko.
Last June 22, the Dogecoin cryptocurrency had faced its most deficient performance as its losses amounted to 24% in just 24 hours.
Its $0.70 peak decreased its value to $0.17413, signaling an almost 76% drop. Among the major cryptocurrencies, the Dogecoin has the heftiest down compared to the 20% loss of Binance coin, 17% of Cardano, Bitcoin, and Ether.
Musk’s SNL appearance was a dud for Dogecoin
Despite the public expectation that Elon Musk would pump the crypto situation during his show in “Saturday Night Live” (SNL), this did not happen. Instread, he termed Dogecoin as a waste of energy, even calling it a “hustle.”
Musk’s statement has even worsened the scenario for cryptocurrency. Compounded by intense scrutiny from China, cryptocurrency’s woes are far from over.
During her interview with Business Insider, Sussanah Streeter, Broker Hargreaves Lansdown’s senior market analyst, opined that it was not a surprise that Dogecoin suffered the most diminution since it started its crypto journey on comical footing.
Numerous market analysts have already prodded the public that Dogecoin “started as a joke” and has an implausible vision about the future. Moreover, its bullish run from before highly depended on hyped tweets from stars such as Elon Music and Snoop Dogg and was not sustainable.
Significantly, Dogecoin also suffers from an inflationary supply, weak development, and network security concerns.
Skilling CEO Michael Kamerman even told the Business Insider that many were expecting that the appearance of Elon Musk in SNL last May 8 would help increase Dogecoin’s value, but it was the other way around.
Notwithstanding the disappointing remarks from Musk, CoinGecko still named Dogecoin as one of the highest cryptocurrencies in terms of value gained that has more than 7000% increase this year than in 2020.