Dogecoin-Branded Car Crashes During a NASCAR Race

The American racer Stefan Parsons crashed together with his Dogecoin-sponsored automobile at NASCAR. Interestingly, the accident of the Chevrolet Camaro coincides with the latest collapse of DOGE’s worth.

DOGE’s Car Couldn’t Finish

NASCAR Xfinity Series Race in Nashville introduced to the American followers one other spectacle. Unfortunately, the 22-year-old Stefan Parsons couldn’t attain the end as he crashed his Dogecoin-sponsored Chevrolet Camaro. Because of the accident, the automobile completed final.

Springrates CEO Sean Tylor was among the many sponsors of the race automobile alongside different DOGE holders. Even although Chevrolet #99 crashed into the wall, the organizers from NASCAR approached the accident with a humorousness. They referred to Elon Musk’s sympathy in the direction of the meme coin:

”Sorry, you needed to see this Elon Musk.”

Dogecoin and NASCAR share some historical past. Seven years in the past, holders of the cryptocurrency sponsored Josh Wise with $55,000 price of DOGE to drive his automobile branded with the meme coin image. Back then, the 31-year-old driver managed to complete the race however within the unsatisfactory twentieth place. Somewhat surprisingly, Phil Parsons – the daddy of Stefan Parsons – was a teammate of Wise.

DOGE’s Price Crashes Too

It is probably not linked collectively, however the meme coin’s worth dumped onerous shortly after the crash on the NASCAR race. DOGE traded round $0.27 on Sunday, however the market-wide crash drove it south to an intraday low of simply over $0.21, that means a considerable correction of over 20% in lower than a day.

On a extra macro scale, DOGE’s efficiency appears much more bearish. It was roughly a month in the past when the digital asset reached its ATH at $0.74. Many specialists claimed that the principle purpose for that rally was Elon Musk’s encouraging tweets concerning his favourite coin. Tesla’s CEO even referred to himself because the ”DOGEFATHER” at one level.

The Shiba Inu-inspired token was additionally praised by different celebrities, acquired recognition from world manufacturers, and was even listed by a few of the world’s largest cryptocurrency exchanges like Coinbase. These developments had a good impression on its worth as effectively, however the development reversed in mid-May when your complete market began to tumble.

As of writing these traces, DOGE struggles round $0.22, which implies that it had misplaced roughly 70% of its worth since its peak a month in the past.

Featured picture courtesy of Yahoo Finance