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Dogecoin Tanks 71 Percent Since Elon Musk's "SNL" Debut, Reaches 60-Day Low

Mon, 06/21/2021 - 15:34
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Alex Dovbnya
Dogecoin is getting clobbered harder than other major cryptocurrencies
Dogecoin Tanks 71 Percent Since Elon Musk's "SNL" Debut, Reaches 60-Day Low
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Dogecoin plunged to $0.213, its lowest level since Apr. 23, on the Bitfinex exchange at 11:25 a.m. UTC.  

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The joke cryptocurrency is getting hit the hardest among the top 10 coins, plunging by almost 20 percent.

Those who bought into the “Dogefather” craze ahead of Elon Musk’s “Saturday Night Live” hosting debut are now sitting on enormous losses. Dogecoin is down a staggering 71 percent since May 8, the day the meme coin reached its current all-time high of $0.74.

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The mercurial coin had a decent relief rally in early June due to the Coinbase listing. Alas, it was just a flash in the pan.

Dogecoin’s most recent drop is driven by the broader market correction that was triggered by China’s deepening crackdown on the cryptocurrency industry.

Earlier today, the People's Bank of China urged major banks and Alipay to step up their crypto ban.

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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