NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

The Dogefather Won’t Save This Dogecoin Dip, Here’s Why

Anifowoshe Ibrahim
Anifowoshe Ibrahim
4 years ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Since Elon Musk appeared on SNL in May, Dogecoin has crashed more than 75%. On Tuesday, the meme coin became the worst performing digital currency as investors fled.

Dogecoin Unholy Romance With The Dogefather

Earlier in the year, Elon Musk began tweeting about Dogecoin. His tweets served as a good signal for crypto investors as investors flocked to the coin as the price skyrocketed. Musk helped to put the meme coin on a pedestal, making it one of the top ten cryptocurrency.

However, this wasn’t going to last.

Dogecoin plunged over 75% from its ATH 45 days ago. The meme cryptocurrency lost 24% over 24 hours to hit $0.17413, according to CoinGecko. That was around 76% lower than its record high of more than $0.70, reached in May amid expectations that Elon Musk would use his “Saturday Night Live” performance to pump the token.

The market cap of the coin also fell to a whopping $23 billion on Tuesday from a peak of $94 billion, a loss of $71 billion.

Since the Tesla CEO’s appearance on Saturday Night Live (SNL), Dogecoin price has been in southward movement. The $1 promise land the Dogecoiners expected continued to slip, yesterday’s crash capped it.

“Many expected Elon Musk’s SNL appearance to send the already-soaring dogecoin even higher,” Michael Kamerman, CEO of crypto firm Skilling, said. “It had the opposite effect.”

Cryptocurrencies have fallen dramatically since May after Elon Musk halted payments for Tesla in bitcoin, citing its “insane” energy use, and China started cracking down on crypto “mining.”

DOGE/USD is slowly recovering after yesterday’s crash. Source: Tradingview

Related article | Dogecoin Creator Says Crypto Price is 99.9% Driven By Greater Fools

Why Elon Musk Can’t Help

Many eyes turned to the Dogefather during this price drop. Former Bitrefill CEO John Carvalho quipped about Musk’s absence:

Say something, @elonmusk.

SAY SOMETHING. pic.twitter.com/sxKOtUik0b

— John Carvalho (@BitcoinErrorLog) June 22, 2021

Carvalho went on to criticize Elon:

“To lazy passers-by, I’m not a dogecoiner, I’m asking him (Elon Musk) to own up to being a colossal dou*** nozzle.”

Musk’s disappearance from the DOGE plunge, however, was not protracted, as he was seen Tweeting about ecosystem developments relating to the meme-coin, much to the relief of the Dogearmy. In response to Dogecoin creator Ross Nicoll’s Tweet regarding the fee reduction code and a probable live demonstration of it on the coin testnet, Elon praised it as “an important improvement.”

This is an important improvement

— Elon Musk (@elonmusk) June 22, 2021

Recently, pseudonymous analyst Tyler Durden highlighted a “Head and Shoulder” pattern and hinted that the alt’s price has a tendency to crash once it breaks below the $0.299 support level (which it did). He further claimed this time even the Tesla CEO can’t save DOGE:

“Even Elon can’t save this with his tweets. He’s tried and each time he just created another lower high. 0.05 is programmed.”

dogecoin
Source: Tyler Durden Twitter, TradingView

In addition, analysts have long warned that the meme-coin is a case of speculative mania, with the price influenced more by celebrity-induced buzz than anything fundamental.

“In this climate, it’s not a surprise that dogecoin, which began its crypto journey as a joke, has suffered one of the steepest declines in recent days,” said Susannah Streeter, senior markets analyst at broker Hargreaves Lansdown.

Related article | What Elon Musk’s Vision Of The Dogecoin Moon Could Look Like

Featured Image from Pixabay - Charts by TradingView
Tweet123Share196ShareSend
Anifowoshe Ibrahim
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Dogecoin (DOGE) Bounces Off Lows

Dogecoin (DOGE) Bounces Off Lows, But $0.180 Cap Remains A Challenge

Dogecoin started a fresh increase above the $0.1650 zone against the US Dollar. DOGE is now consolidating and might aim...

Aayush Jindal 1 day ago
Dogecoin price news

Dogecoin Under $0.20 ‘Is Free,’ Says Analyst—Predicts 2,000% Upside

Dogecoin is revisiting a technical juncture it has not seen since the months preceding its 2020–21 parabolic rally, according to...

Jake Simmons 1 day ago
Dogecoin koers geprogrammeerd voor nieuwe all-time high - gaat DOGE naar 1 dollar dit jaar?

Dogecoin koers geprogrammeerd voor nieuwe all-time high – gaat DOGE naar 1 dollar dit jaar?

De Dogecoin koers heeft sinds zijn piek van december 2024 een daling ervaren van bijna 70%. Dat heeft een situatie...

Lars Diederiksen 1 day ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Dogecoin

Dogecoin Bounces Back With 8% Gain—Is $0.26 In Sight?

Keshav Verma 2 hours ago
Dogecoin

Analysts Predict Major Dogecoin Price Rally After Breaking 50-Day Trendline

Scott Matherson 5 hours ago
Dogecoin price news

Dogecoin’s Quiet Setup Could Detonate Shorty, Says Analyst—Here’s The Target

Jake Simmons 12 hours ago

Premium Sponsors

Press Releases

  • Top kryptoměna ke koupi dříve, než vzroste o 2 200 %, podle Cathie Wood

    Top kryptoměna ke koupi dříve, než vzroste o 2 200 %...

    7 hours ago
  • The smartest way to make money in 2025: Invest in cloud...

    13 hours ago
  • Od Bitcoinu k BTC Bull: Kde leží skutečný potenciál?

    ...

    13 hours ago
  • Bitcoin vs. Gold: Which Is the Best Investment In 2025?

    14 hours ago
  • Profit of $5,735, senior trader uses Ripple (XRP) to open...

    14 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.