If we compare the overall tenure of the cryptocurrency industry with DOGE’s rally, we would see it was not long ago when it rose high. It was only the beginning of 2021 when Bitcoin (BTC) was continuing its streak of all-time highs.
The digital currency was doing complete justice to its market position as the largest cryptocurrency in the entire crypto-verse. Its market capitalization was constantly growing higher as it continued observing high adoption rates from users.
Soon, Bitcoin (BTC) went on to hit its all-time high in terms of market capitalization and went on to surpass the trillion-dollar market.
While Bitcoin (BTC) was gaining constant growth, success, and adoption, Dogecoin (DOGE) was getting ready to take its flight. Soon, Dogecoin (DOGE) went on to break all records set by other cryptocurrencies in the cryptocurrency industry.
It experienced the best rally from the users’ end who were willing to invest in it as much as possible. Since then, Dogecoin (DOGE) went on to hit all-time highs and the best thing that could happen to DOGE was getting supported by Elon Musk.
Since the beginning of 2021, it was Elon Musk who created tremendous hype for the digital currency and helped it reach new heights. He rallied the entire DOGE army towards the digital currency and its market capitalization saw tremendous growth.
Over time, DOGE turned out to be Elon Musk’s most favorite cryptocurrency. However, as Elon Musk became one of the major reasons behind its success and growth, he ended up becoming the reason behind its demise.
Since Elon Musk’s SNL appearance back in May, DOGE has been experiencing the worst time. It has been experiencing a constant drop in its price and market capitalization. After Musk’s SNL appearance, DOGE has ended up losing tens of billions in terms of market capitalization.
At the time of writing, the market capitalization of DOGe is below $30 billion, which is more than a 70% drop in its market capitalization since Musk’s SNL appearance. At that time, the market capitalization of DOGE was around $95 billion.
However, Musk’s appearance at the SNL and talking about DOGE cast a dark shadow on its market capitalization and growth. Since then, DOGE has lost more than $69 billion in terms of market capitalization.
When it comes to the price of DOGE, it is currently trading at a price of $0.20 per DOGE. However, at the beginning of May 2021, the price of DOGE was experiencing an all-time high of $0.73 per DOGE.
Since DOGE’s demise, there isn’t much that has come from Elon Musk through his Twitter profile. Therefore, the cryptocurrency community is now demanding Elon Musk to make a comment on DOGE’s current market condition.