Dogecoin has been struggling like fellow cryptocurrencies and altcoins amid the downturn in the overall crypto market. The popular meme coin is down almost 91% since the eve of Elon Musk’s Saturday Night Live appearance on May 8, 2021. The billionaire is renowned for the monologues and skits, often jokingly, that referenced Dogecoin. The Tesla CEO had also said that the Dogecoin was a hustle.
The meme coin is toiling to find gains but continues being pushed back by the market’s high volatility. During Saturday Night Live’s Weekend Update, DOGE saw swift ups and downs. When Musk described it as a hustle, the meme coin plummeted in value in real-time, shedding more than 20% of its value in just one hour. Robinhood, a trading crypto app, was overwhelmed by the volume of Dogecoin transactions as people tried to offload their digital assets.
Last fall, the coin stabilized around $0.25 and has been slowly and steadily losing value. Dogecoin fell below $0.10 in the last month. Created as the world’s first meme coin or joke coin in 2013 by Jackson Palmer and Billy Marcus, DOGE has made its mark. It has emerged in the mainstream cryptocurrencies and is now being used as a form of payment by Tesla and SpaceX for their merchandise. The coin has found the support of Elon Musk, who initially began tweeting about it ironically. But it gained pace and popularity as the people’s coin.
The Dogecoin Army has been working towards sending the coin’s price “over the moon” – above $1.