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.
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.
Alex Dovbnya“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.”
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.
Tomiwabold Olajide
Godfrey Benjamin
Vladislav Sopov
Dan Burgin