Tech

Dogecoin Has Dropped 90% Since “The Dogefather” Debuted On SNL

05/12/2022
Bitcoin Ethereum News

Dogecoin, the most popular meme cryptocurrency, has dropped 30% in the last 24 hours, but has already started to rebound.

Someone moved around 250 million Dogecoins during this enormous price drop, with little more than half of that amount going to Robinhood.

Whale Move Dogecoin To Robinhood

The @DogeWhaleAlert account, which monitors large Dogecoin transfers, has discovered two transactions totaling more than 100 million Dogecoins.

The two DOGE lumps had a total of 110,614,220 and 139,261,848 meme coins worth $8,497,274 and $11,625,997, respectively. The second Dogecoin payment was made via the renowned Robinhood trading program, which allows users to invest in equities as well as cryptocurrency such as Bitcoin, Ethereum, Solana, DOGE, Shiba Inu, Bitcoin Cash, and other prominent coins.

Following Bitcoin’s slide to $27,000 and Terra’s UST losing its dollar peg, Dogecoin has lost 30% of its value in the last 24 hours, plunging $0.160 to $0.0723.

However, the coin has started to recoup some of its losses, climbing 9.47 percent as of press time. DOGE is now trading at $0.0793 on the Binance market.

Suggested Reading | Shiba Inu: Biggest Dollar Holding Among Wealthiest Ethereum Whales

DOGE Plummets Since Musk’s Endorsement

DOGE has plummeted 90% since reaching a historic high on May 8 last year. Following Elon Musk’s declaration of himself as “The Dogefather” on Twitter and subsequent appearance on Saturday Night Live, the meme coin rocketed to $0.7376. (SNL).

DOGE

DOGE/USD has plumetted 90% since Musk appeared on SNL. Source: TradingView

However, the presence of Tesla CEO Elon Musk on American television triggered a large selloff, and the token sank to $0.45 three days later.

Musk has long been a supporter of Dogecoin, frequently promoting it in his tweets and boosting its value. However, as time passed, these tweets began to have little or no effect on the Dogecoin price.

Tesla, the electric car company, began accepting the meme coin as payment for certain items in its online store in January 2022. Musk responded by saying it was an experiment and that he would see how it went.

Related Reading | Dogecoin Displays A Falling Wedge Pattern; Here’s What It Means

Featured image from UnSplash, chart from TradingView.com

 

Source: https://www.newsbtc.com/news/dogecoin/dogecoin-has-dropped-90-since-the-dogefather-debuted-on-snl/