Since The Dogefather Debuted On Saturday Night Live Dogecoin Has Dropped 90%

DOGE has dropped 90% since hitting an all-time high on May 8 of last year. The meme coin soared to $0.7376 following Elon Musk’s Twitter announcement of himself as The Dogefather and subsequent appearance on Saturday Night Live (SNL).

There were a total of 110,614,220 and 139,261,848 meme coins in the two DOGE chunks, worth $8,497,274 and $11,625,997, respectively. The second Dogecoin payment was made through the well-known Robinhood trading platform.

Dogecoin has lost 30% of its value in the previous 24 hours, dropping from $0.160 to $0.0723, following Bitcoin’s drop to $27,000 and Terra’s UST losing its dollar peg. However, as of press time, the coin has begun to regain some of its losses, gaining 9.47 percent.

The most popular parody cryptocurrency, Dogecoin, has plummeted 30% in the last 24 hours, but has already begun to recover. During this massive price drop, someone moved about 250 million Dogecoins, with little over half of that amount going to Robinhood. Two transactions totaling more than 100 million Dogecoins were spotted by the @DogeWhaleAlert account, which monitors huge Dogecoin transfers.

Whale Is Transferring Dogecoin To Robinhood

There were a total of 110,614,220 and 139,261,848 meme coins in the two DOGE chunks, worth $8,497,274 and $11,625,997, respectively. The second Dogecoin payment was made through the well-known Robinhood trading platform, which allows users to trade in stocks as well as cryptocurrency like Bitcoin, Ethereum, Solana, DOGE, Shiba Inu, Bitcoin Cash, and other well-known coins.

Dogecoin has lost 30% of its value in the previous 24 hours, dropping from $0.160 to $0.0723, following Bitcoin’s drop to $27,000 and Terra’s UST losing its dollar peg. However, as of press time, the coin has begun to regain some of its losses, gaining 9.47 percent. On the Binance exchange, DOGE is currently trading at $0.0793.

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DOGE Has Dropped Precipitously After Musk’s Endorsement

DOGE has dropped 90% since hitting an all-time high on May 8 of last year. The meme coin soared to $0.7376 following Elon Musk’s Twitter announcement of himself as The Dogefather and subsequent appearance on Saturday Night Live (SNL). However, the appearance on American media of Tesla CEO Elon Musk triggered a massive selloff, and the token fell to $0.45 three days later.

Musk has long been a proponent of Dogecoin, praising it frequently in his tweets and helping to enhance its value. Notwithstanding, as time went on, these tweets affected the cost of Dogecoin. In January 2022, Tesla, the electric car firm, started taking the meme coin as payment for certain items in its online store. Musk said that it was an experiment and that he would monitor the results.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing