After skyrocketing in value across 2021, fueled by the input of Tesla (NASDAQ: TSLA) CEO Elon Musk, the price of meme cryptocurrency Dogecoin (DOGE) has slumped alongside the general market.
In fact, after Musk declared himself the ‘Dogefather’ during his Saturday Night Live (SNL) appearance on May 8, 2021, the coin has since dropped by over 93%. During the appearance, DOGE was trading slightly above $0.725, while at press time, the token was valued at $0.05.
Ahead of the SNL show, Dogecoin at some point was trading at a record high with the market capitalisation hitting $92.23 billion amid heightened volatility.
SNL impact on DOGE
During Musk’s SNL appearance, it was highly anticipated that the Tesla CEO would promote Dogecoin, driving another rally in the asset.
Baltrusaitis, J. (2022, June 13). Dogecoin lost 93% of its value since the musk’s SNL hype a year ago. Finbold. Retrieved June 15, 2022, from https://finbold.com/dogecoin-lost-93-of-its-value-since-the-musks-snl-hype-a-year-ago/