Main navigation

Dogecoin Just Had Its Second-Worst Day in 2021. Did Elon Musk Forget to Feed It?

News
Tue, 06/22/2021 - 05:06
article image
Alex Dovbnya
Some Dogecoin holders are blaming Elon Musk for abandoning the meme coin
Dogecoin Just Had Its Second-Worst Day in 2021. Did Elon Musk Forget to Feed It?
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Joke cryptocurrency Dogecoin logged its second-worst day ever on June 21, plunging by over 36 percent. It collapsed to $0.16, the lowest level since Apr. 23, at 10:58 p.m. UTC on the Binance exchange.  

Bitcoin
Image by tradingview.com

Still, it came short of surpassing the daily 38 percent drop that was recorded on Jan. 30.

On May 19, Dogecoin shed over 55 percent within a single day, but it managed to claw back almost half of the losses before the daily close.

The meme coin is by far the biggest laggard in the top 10, but multiple other major altcoins, including XRP, Binance Coin, and Polkadot, have also witnessed double-digit losses.

Related
Bear Market Confirmed, Says CryptoQuant CEO

“We trusted you”

Following the collapse, Elon Musk’s Twitter replies are getting swarmed with resentful comments from the Dogecoin army.

One user writes that the community trusted the Tesla CEO because he’s “the smartest person in the world.”    

Dogecoin
Image by @elonmusk

Musk singlehandedly managed to push Dogecoin into the mainstream consciousness with his persistent tweets. At the height of the canine frenzy, many retail investors got sucked in.

The parody cryptocurrency is currently down 77 percent from its May 8 peak.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.