Dogecoin Shed 91% Of Its Value Since 2021 High – A Musk Tweet To Pump DOGE?

Christian Encila

Last Updated: June 11, 2024 2:20 pm

3 mins read

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The Dogecoin army has been closely monitoring the meme coin’s depreciating value week by week. DOGE has lost an enormous amount of value from its all-time high on May 8, 2017, despite the fact that it remains one of the top 12 cryptocurrencies.

Monday’s Coingecko statistics reveals that DOGE is trading at $0.054143, a decrease of 34% over the previous week. More than a year ago on this date, DOGE was trading at $0.739 per unit. Today, the 24-hour price range for this cryptocurrency asset is between $0.064 and $0.07 per coin.

Dogecoin is widely regarded as the first “meme coin,” having been founded as a joke by Jackson Palmer and Billy Marcus in 2013 to poke fun at the abundance of altcoins flooding the market.

Dogecoin And Its Lost Glory

As of this writing, the market capitalization of Dogecoin is $8.68 billion, which represents 0.755% of the $1.15 trillion crypto economy. DOGE is ranked below Solana (SOL) and Polkadot (DOT) in terms of market position, despite having the 11th biggest market capitalization (based on Monday’s Coingecko chart)

DOGE is down over 91% since Elon Musk’s performance on Saturday Night Live on May 8, 2021. That evening, Musk delivered a series of monologues and skits that frequently mocked Dogecoin.

The price of Dogecoin has continuously risen as a result of Musk's amusing tweets. Image source: Complex.

The dog-themed coin then quickly drew the attention of the billionaire Musk who, ironically, began tweeting about it. Throughout 2020 and the first few months of last year, Musk’s humorous tweets regarding Dogecoin consistently caused its price to increase.

During this period, the coin attracted a group of ardent supporters known as the “Dogecoin Army,” whose declared objective was to bring the coin’s price above $1 or, as Musk touted it, “over the moon.”

Many believed Musk’s debut on SNL would be effective. Regrettably, it did not.

Can A Musk Tweet Give DOGE A Shot In The Arm This Time?

Even though DOGE is down 91 percent from its all-time high, it is still up an amazing 75,260 percent since the asset’s all-time low on May 6, 2015. At that time, one DOGE was worth $0.00000869 cents. Recent market performance for the coin has not been encouraging, as the DOGE price has decreased by 79.4 percent over the past year.

DOGE total market cap at $7.20 billion on the weekend chart | Source: TradingView.com

After a massive bull run in 2020 and 2021, the crypto market has been volatile all year, but “Crypto Winter” would soon set in during the first week of May, when major currencies plummeted alongside the stock market.

Along with the U.S. Consumer Price Index report for the month of May, which showed consumer goods prices climbing 8.6 percent compared to May 2021, the drop continued this past week. This is the biggest year-over-year inflation figure since 1981.

Meanwhile, some are wondering if the “Musk influence” is still there to lift DOGE out of the doldrums and let it make noise again like it did during its heydeys.

Featured image from Chain Debrief, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.