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Dogecoin (DOGE), Elon Musk’s pet favourite cryptocurrency, has shed tens of billions of {dollars} in worth since he publicly plugged it on mainstream TV.
As sources noted this week, the meme-based altcoin’s market cap is now $69 billion down versus the place it was when the Tesla and SpaceX CEO hosted Saturday Night time Dwell.
Dogecoin: 6 weeks, 70% losses
Dogecoin noticed a serious rally in early Could, and its peak had a market cap of $95 billion.
When Musk took to the airwaves on Could 8, opposite to expectations, DOGE/USD then started a precipitous fall which continues to today.
On the time of writing, Dogecoin’s market cap is simply $26.5 billion — 72% decrease. It trades at $0.20, a far cry from its $0.73 all-time highs.

Itself began as a joke, Dogecoin can subject little real criticism of its rise and fall, this being down solely to viral promotion exercise by the likes of Musk and others.
Musk himself has sparked a serious backlash, nevertheless, as many argue that those that purchased DOGE primarily based on his efforts have misplaced cash — one thing which for them could have important penalties.
Others proceed to joke concerning the extent of the market’s total losses in a matter of weeks.
“Say one thing, Elon Musk. SAY SOMETHING,” former Bitrefill government John Carvalho joked.
Final week, one analyst warned that Dogecoin may shed one other 60% in value on high of current losses.
Has the canine had its day?
The Bitcoin (BTC) value retracement has been powerful on altcoins extra broadly.
Whereas some have bucked the development, many of the large-cap tokens have shed important worth versus their latest highs.
DeFi cash, information shows this week, are largely 75% decrease versus their very own peaks.
As merchants word, nevertheless, alts stay in a distinct zone to the place they have been even final 12 months. Dogecoin, for instance, traded at simply $0.002 in June 2020.
“A whole lot of altcoins have dropped 50%-70% however are nonetheless up like 2000% from lower than a 12 months in the past,” standard buying and selling account Squeeze summarized this week.
“Simply do not forget that there is no backside in terms of altcoins.”
Bitcoin has managed to claw again a few of its market cap share from altcoins over the previous few weeks reaching above 47%.

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