It has been more than a year since Dogecoin reached an all-time high of $0.7376 after Elon Musk's debut on Saturday Night Live (SNL) last May.
During that show, he promoted his favorite crypto, DOGE, ultimately pushing the memecoin's price to the aforementioned historic peak. However, by now, the price of Dogecoin has lost nearly all of its gains reached back then.
Founder and chief executive of Compound Capital Advisors, Charlie Bilello, drew his followers' attention to this fact on his Twitter page.
92% down from Musk-pushed record
The price suddenly soared first when Elon Musk referred to himself as "The DogeFather" and then hosted SNL. Following this, Dogecoin soared to $0.73 on May 9 with its market cap spiking to $91 billion—this was the figure reached by Bitcoin two years before that.
Musk shilled his favorite crypto by calling it an unstopabble financial vehicle that would take over the world. He also mentioned that the coin was initially made and launched as a joke but now "it is taking off in a real way."
However, after stating that DOGE is as real as the U.S. dollar, the Tesla boss had to admit that it was "hustle."
Now, Dogecoin is trading at $0.05388, dropping almost 18% over the past 24 hours, according to CoinMarketCap.
"DOGE shows middle finger to the system"
Prominent supporter of Bitcoin and Ethereum, founder of Galaxy Digital Mike Novogratz, provided his own explanation back then as to the sudden growth of the leading meme cryptocurrency.
He tweeted that DOGE "is showing the middle finger to the system" for millennials and people from generation Z: the role played by Gamestop shares earlier that year.
Dogecoin was created and launched in 2013 by IT engineers Billy Markus and Jackson Palmer as a parody of Bitcoin. The coin was inspired by the Shiba Inu dog breed. Later on, it became the favorite digital asset of Elon Musk.
Last year, Tesla started selling some of its merchandise for DOGE, and in 2022, Musk tweeted that SpaceX would soon follow suit with Dogecoin here.