Dogecoin crashed 30% from its ATH after the recent Elon Musk SNL appearance, following weeks of speculation and volatility. The expected to see DOGE surge to new highs but it turned out to be quite the opposite so let’s read more in our latest dogecoin news.
Tesla’s CEO debuted on SNL and the price of the coin surged about 100% in the week prior. Dogecoin hit an all-time high of $0.71 cents, marking a stunning 14,000% year-to-date. However, to the disappointment of many, Musk’s appearance ended with the crypto crashing down 30% in one hour and the price hit $0.49 from the $0.69 level before pairing the losses by recovering a high of $0.55. At press time, DOGE is trading at $0.53.
The drop resulted in the coin losing $27 billion in market cap and as per ByBt, the futures traders started betting on DOGE and lost $303 million in one day alone. To put into perspective, Bitcoin and Ethereum which are the two biggest cryptocurrencies, saw a combined $350 million in liquidations in the past day and the pair have combined a market cap of $1.52 trillion with a daily trading volume of $120 billion.
Without a doubt, Elon Musk was one of the most important proponents of the DOGE success and high-profile figures like Mark Cuban also showed support for the coin and helped it rise. Many speculators bought into the coin in anticipation of Musk’s name dropping DOGE during his opening monologue. Not even 93 minutes of naming the crypto could bring the prices up. One explanation could be that his mentions of the coin were too few and far between which disappointed the traders and speculators.
Another reason could be because of Robinhood’s suffering outages. According to the brokerage, the crypto trading platform limited the users from fulfilling the trades for an hour. What’s interesting is that when Robinhood announced that it resumed the services later in the date, DOGE’s price dropped another 7% in the following 10 minutes. DOGEcoin crashed 30% from its ATH which is a debacle for the coin and it remains to be seen whether the coin will surpass this high once again.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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