Dogecoin, the most popular meme cryptocurrency, has dropped by 90% from its all-time high on May 9, the day Elon Musk hosted the American late-night sketch comedy show “Saturday Night Live.”
In the run-up to the much-anticipated event, Dogecoin’s market worth surpassed $90 billion, making it more valuable than General Motors.
Musk’s SNL hosting launch was a “sell the news event,” with Dogecoin losing over 40% of its value in a matter of hours.
It has not recovered since, despite the fact that well-known brands such as Gucci and Tesla have begun to accept the world’s most famous Bitcoin parody.
Dogecoin’s price dropped as low as $0.07 earlier today, triggering another big cryptocurrency market selloff driven by Terra’s continuous implosion.
At the time of writing, the meme coin was trading at $0.0921 on the Binance platform, having recovered more than 29% from its recent lows.
Despite its poor performance in 2022, Dogecoin is still important. During the latest selloff, the joke cryptocurrency reappeared in the top ten largest cryptocurrencies by market valuation. Dogecoin is presently worth $12 billion, making it worth more than well-known firms like Zillow and ASUS.
