Dogecoin lost 93% of its value since the Musk’s SNL hype a year ago

Cryptocurrency market depends to much from a hype. After skyrocketing in value across 2021, fueled by the input of Tesla CEO Elon Musk, the price of Dogecoin has slumped alongside the general market.

After Musk declared himself the ‘Dogefather’ during his Saturday Night Live (SNL) appearance on May 8, 2021, the coin has dropped by over 93%.

On May 8, 2021, DOG was trading slightly above $0.725, while now the token is valued at $0.05.

It show how risky can be cryptocurrency investments.

Crystal Panther
I still believe that if your aim is to change the world, journalism is a more immediate short-term weapon.