Dogecoin Drops 15% as Meme Cryptocurrency Continues Weeks-Long Slide
More than 15% was shaved off Dogecoin’s worth in a single day as the worth of the favored meme forex continues to plummet. Only yesterday Dogecoin was value $0.26, however in keeping with knowledge aggregator Nomics, Dogecoin at the moment trades at $0.22 on the time of writing.
Recent weeks have been slightly purple for the often optimistic Doge military, and immediately’s crash provides to the bearishness across the common “meme coin.”
On Saturday, Dogecoin returned to NASCAR as a sponsor, having final sponsored a automobile in 2014’s All-Star race. Back then, the Doge automobile driver Josh Wise completed final.
Saturday’s race was far worse than the debut, nevertheless, with Stefan Parsons in the end crashing his Doge-themed Camaro right into a wall. Dogecoin joined the wreckage shortly after, this time proverbially, when it misplaced 9.6% of its worth in a single day.
Such promise, Much wow
Dogecoin was created by software program programmers Jackson Palmer and Billy Markus in 2013, who supposed it to be a tongue-in-cheek satire of altcoin tradition. Dogecoin has picked up a rabid fanbase since Bitcoin started its newest bull run final winter. They’re recognized colloquially because the “Doge Army.”
A big a part of the DOGE’s reputation is because of its excessive visibility in superstar tradition. Tesla CEO Elon Musk is probably probably the most influential member of the Doge Army, steadily outing himself as a supporter on Twitter, the place he’s joined by rapper Snoop Dogg and KISS bassist Gene Simmons.
On April 28 Musk pumped the worth of Dogecoin by 15% to $0.69 when he introduced he’d be doing a skit about the coin on Saturday Night Live. The night time earlier than his look, Doge reached its all-time excessive of $0.74. Barely minutes into Musk’s skit, although, and Dogecoin nosedived right into a cataclysmic freefall that sank the worth to $0.43, undoing all of the beneficial properties it had made out of the pre-SNL hype.
Such crash, a lot ow.
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