Dogecoin continues to decline since Elon Musk’s SNL performance on May 8. Since the SNL schedule, Dogecoin has lost nearly $70 billion in market cap. Its current market value has dropped to $29.5 billion.
Can Dogecoin rise without falling to fractions of zero?
Dogecoin has been on slippery ground since the beginning of 2021. It was trading at $0.005685 in January. April rose to $0.47 and finally on May 8, Doge reached $0.7 for the first time. Today it is trading at $0.23.
Where is Elon Musk as Dogecoin falls?
It would not be wrong to say that Elon Musk’s interest has had a huge impact on investors’ purchase of Dogecoin. Billionaire, who boasted of himself as “DogeDaddy”, tweeted that attracted the attention of investors for a long time.
More often than not, posting the DogeCoin mascot on Twitter or pranking the Doge drove the price quite high. Musk has gone so far as to say several times that the Doge is the people’s money and that the asset is the asset of the future.
The last thing the billionaire said about Doge to his more than 50 million Twitter followers was to like the tweet revealing that he was in contact with Doge’s developers when asking if they would like to buy Tesla cars with 50 Doge.
But it’s been more than two weeks since Musk shared the last posts. The billionaire remained silent on Doge, despite being in the news about Bitcoin during this time. Doge investors took to Twitter to question Musk’s silence, implying that he may have abandoned the asset entirely.
Even though a single tweet from Musk at the moment can cause Dogecoin to revive, it is unlikely to revive the market on its own. Recall that Elon Musk will continue to support Dogecoin, but only if buyers stop holding and distribute Doge assets, but the Doge community, like many other altcoin communities, hopes their investment choices will survive the current bear market.