Dogecoin (DOGE) may be back in the top ten cryptocurrencies by market capitalization, but its USD and Bitcoin (BTC) losses since Elon Musk’s appearance on Saturday Night Live (SNL) have been substantial.
The DOGE/BTC trading pair has declined 75% after reaching a high of 1,287 satoshis on May 9, 2021, a day after Musk appeared as a guest host on “Saturday Night Live” with the skit “The Dogefather.”
Prior to his visit, the billionaire entrepreneur incessantly tweeted Dogecoin jokes and graphics, which contributed to DOGE’s market valuation surpassing $90 billion in May 2021.
That is an increase of about 36,000,000% in only two years. But things have deteriorated since then.
Investors anticipated that even a glimmer of optimism from Musk on SNL on DOGE would encourage his 106 million followers to purchase the meme token. But Musk said something unexpected: he termed Dogecoin a “scam.”
The DOGE price started to slide from its all-time high one day later. It is now traded for around 300 satoshis, compared to its all-time high of 1,287 satoshis.
After reaching a high of $0.76 in May 2021, the price of Dogecoin has plummeted by more than 90 percent against the U.S. dollar.
Since then, Musk has made repeated attempts to reignite public interest in Dogecoin.
Since 2019, he said in May 2021, he has collaborated with Dogecoin developers to enhance the blockchain’s transaction efficiency. In addition, Musk’s Tesla and SpaceX began taking DOGE payments for their products, causing a steep but brief price increase.
In addition, Musk declared after a March 2022 market meltdown that he would not sell his cryptocurrency assets, including DOGE and Bitcoin. However, three months following Musk’s proclamation, Tesla liquidated 75% of its Bitcoin holdings.
Following Musk’s decision not to acquire the social media behemoth, the possibility of introducing a DOGE payment option to Twitter also vanished.
In September 2022, Tesla introduced Cyberwhistle, a limited-edition souvenir inspired by their Cybertruck vehicle that can be purchased only with Dogecoin.