The Godfather Won’t Save This Dogecoin Drop, Here’s Why

Since Elon Musk appeared on SNL in May, Dogecoin has crashed by more than 75%. Tuesday, the meme Currency The cryptocurrency has become the worst performer as investors flee.

Dogecoin Unholy Romance with Dogefather

Earlier in the year, Elon Musk began tweeting about Dogecoin. His tweets served as a good signal to crypto investors as investors flocked to Currency As the price has risen dramatically. Help Musk put the meme Currency on base, making it one of the top ten cryptocurrencies.

However, this will not continue.

Dogecoin is down more than 75% of its ATH 45 days ago. Crypto meme lost 24% in 24 hours to $0.17413, according to Queen Gekko. This was about 76% lower than its record high of more than $0.70, set in May amid expectations That Elon Musk will use his “Saturday Night Live” performance to pump the token.

Market value of Currency It also fell to $23 billion on Tuesday from a peak of $94 billion, with a loss of $71 billion.

Since the Tesla CEO appeared on Saturday Night Live (SNL), the price of Dogecoin . has started southward movement. The $1 promise expected by Dogecoiners continued to fall, capped by yesterday’s crash.

“Many speculated that the emergence of Elon Musk’s SNL would send the already surging Dogecoin even higher,” said Michael Kamerman, CEO of crypto firm Skilling. “It had the opposite effect.”

Its cryptocurrency fell too much Since May after Elon Musk halted payments to Tesla in Bitcoin, citing “Insane” energy useChina started Choking On “mining” cryptocurrencies.

DOGE/USD is slowly recovering after yesterday’s crash. Source: TradingView

Related article | Dogecoin Creator Says Crypto Price Is 99.9% Driven To Bigger Foolishness

Why Elon Musk Can’t Help You

Many eyes turned to Father during this drop in prices. Former Bitrefill CEO John Carvalho mocked Musk’s absence:

Carvalho went on to criticize Elon:

“To lazy passersby, I’m not a little dog, I ask him (Elon Musk) to admit he’s a huge mouthful.”

However, Musk’s disappearance from DOGE wasn’t long in coming, as he was seen tweeting about ecosystem developments related to the meme-Currency, which relieves Dogearmy. In response to Dogecoin creator Ross Nicholl’s tweet regarding the fee-reduction code and a possible livestream of it on Currency testnet, Elon praised it as a “significant improvement”.

Recently, analyst Tyler Durden highlighted the “head and shoulder” pattern and hinted that the swing price tends to collapse once it breaks below the $0.299 support level (which it actually did). He also claimed this time that even a Tesla CEO couldn’t save DOGE:

“Even Elon can’t memorize this with his tweets. He tried and every single time he was creating another low top. .05 programmer.”

Source: Tyler Durden Twitter, TradingView

Additionally, analysts have long warned that the meme-Currency he is Speculative mania, with the price affected by a celebrity-driven hype more than anything basic.

“In this climate, it comes as no surprise that Dogecoin, which started its journey in the crypto space as a joke, has suffered one of the steepest falls in recent days,” said Susanna Streeter, chief market analyst at broker Hargreaves Lansdowne.

Related article | What would Elon Musk’s vision of Dogecoin’s moon look like

Featured Image from Pixabay - Charts by TradingView

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