DOGE Lost Over $ 70 Billion In Market Cap: Save Your Dog Musk!

DOGE is down 70% from its all-time high as a trader reiterated that it was one of the “bottomless” altcoins.

Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency, has lost tens of billions of dollars in value since holding the token publicly on mainstream TV.

As sources noted this week, the meme-based altcoin’s market cap is now $ 69 billion lower than it was when the Tesla and SpaceX CEO hosted Saturday Night Live.

Dogecoin: 6 weeks, 70% loss

Dogecoin saw a massive rally in early May and peaked with a market cap of $ 95 billion. When Musk went on the air on May 8th, contrary to expectations, DOGE / USD began to decline and continues to this day.

At the time of writing, Dogecoin market cap is only $ 26.5 billion – 72% lower. The token is trading at $ 0.20, far from its all-time high of $ 0.73.

The token itself started out as a joke, Dogecoin can barely receive any real criticism for its ups and downs, this is only for the viral promotion of the likes of Musk and others.

Musk himself has sparked a backlash, however, as many claim that those who bought DOGE as a result of his efforts lost money – something that could have significant ramifications for them.

Others joked about the total damage to the market for several weeks. Former Bitrefill CEO John Carvalho joked.

“Say something, Elon Musk. PLEASE SAY IT. “

Last week, an analyst warned that Dogecoin could fall another 60% due to existing losses.

Did the dog have a good day?

Bitcoin’s price retracement (BTC) has become difficult for altcoins in general.

While some have bucked the trend, most large-cap tokens have depreciated significantly from their recent highs. The data shows that DeFi coins are 75% below their own highs this week. However, as traders note, alts are still in a different area than they were last year. For example, Dogecoin was trading at 0.002 ISD in June 2020.

“Many altcoins are down 50-70%, but still up 2000% less than a year ago. Just remember that there is no bottom when it comes to altcoins. “

Bitcoin has been trying to regain some of its market cap from altcoins in the past few weeks, hitting over 47%.

Synthetic

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