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Dogecoin Has Dropped 90% Since “The Dogefather” Debuted On SNL

Dogecoin, the preferred meme cryptocurrency, has dropped 30% within the final 24 hours, however has already began to rebound.

Someone moved round 250 million Dogecoins throughout this monumental value drop, with little greater than half of that quantity going to Robinhood.

Whale Move Dogecoin To Robinhood

The @DogeWhaleAlert account, which screens massive Dogecoin transfers, has found two transactions totaling greater than 100 million Dogecoins.

The two DOGE lumps had a complete of 110,614,220 and 139,261,848 meme cash price $8,497,274 and $11,625,997, respectively. The second Dogecoin fee was made by way of the famend Robinhood buying and selling program, which permits customers to put money into equities in addition to cryptocurrency reminiscent of Bitcoin, Ethereum, Solana, DOGE, Shiba Inu, Bitcoin Cash, and different outstanding cash.

Following Bitcoin’s slide to $27,000 and Terra’s UST shedding its greenback peg, Dogecoin has misplaced 30% of its worth within the final 24 hours, plunging $0.160 to $0.0723.

However, the coin has began to recoup a few of its losses, climbing 9.47 p.c as of press time. DOGE is now buying and selling at $0.0793 on the Binance market.

Suggested Reading | Shiba Inu: Biggest Dollar Holding Among Wealthiest Ethereum Whales

DOGE Plummets Since Musk’s Endorsement

DOGE has plummeted 90% since reaching a historic excessive on May 8 final 12 months. Following Elon Musk’s declaration of himself as “The Dogefather” on Twitter and subsequent look on Saturday Night Live, the meme coin rocketed to $0.7376. (SNL).

DOGE

DOGE/USD has plumetted 90% since Musk appeared on SNL. Source: TradingView

However, the presence of Tesla CEO Elon Musk on American tv triggered a big selloff, and the token sank to $0.45 three days later.

Musk has lengthy been a supporter of Dogecoin, often selling it in his tweets and boosting its worth. However, as time handed, these tweets started to have little or no impact on the Dogecoin value.

Tesla, the electrical automobile firm, started accepting the meme coin as fee for sure gadgets in its on-line retailer in January 2022. Musk responded by saying it was an experiment and that he would see the way it went.

Related Reading | Dogecoin Displays A Falling Wedge Pattern; Here’s What It Means

Featured picture from UnSplash, chart from TradingView.com

 


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