Advertisement
AD

Main navigation

Dogecoin Now Down 90% from Musk-Fueled Price Peak

Advertisement
Wed, 11/05/2022 - 16:30
Dogecoin Now Down 90% from Musk-Fueled Price Peak
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Dogecoin, the largest meme cryptocurrency, has plunged a staggering 90% from its all-time price peak that was recorded on May 9, the day Elon Musk hosted the American late-night sketch comedy show "Saturday Night Live."

Advertisement
Dogecoin
Image by @charliebilello

As reported by U.Today, Dogecoin's market cap topped $90 billion in the run-up to the much-hyped event, becoming more valuable than General Motors.

Musk's SNL hosting debut ended up being a "sell the news event": Dogecoin lost about 40% of its price in mere hours.

It has not recovered since then despite such famous companies as Gucci and Tesla moving to accept the world's most famous Bitcoin parody.

Earlier today, Dogecoin added a zero to its price tag, dropping as low as $0.07 during another major cryptocurrency market selloff that was triggered by the ongoing implosion of Terra.

Related
Coinbase CEO Clarifies Controversial Disclosure About Customers’ Funds
 At press time, the meme coin is changing hands at $0.0921 on the Binance exchange after recovering more than 29% from recent lows.

In spite of its dismal performance in 2022, Dogecoin has not lost its relevance. In fact, the joke cryptocurrency reappeared among the top 10 biggest cryptocurrencies by market cap amid the recent selloff. Dogecoin is currently valued at $12 billion, which makes it bigger than such well-known companies as Zillow and ASUS.

Lawrence McDonald, former head of macro strategy at French banking giant Societe Generale Group, has concluded that Dogecoin's rise was simply driven by excess Federal Reserve liquidity.

The Fed is expected to hike the short-term interest rate to 3%, putting more pressure on risk assets. Higher-than-expected inflation data, which was reported earlier today, will further embolden the central bank to continue its hawkish monetary policy.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
Our social media
There's a lot to see there, too

Popular articles