Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency, has lost tens of billions of dollars in value since he publicly pocketed it on mainstream television.
As sources noted this week, the market cap of meme-based altcoin is now $ 69 billion lower than it was when the Tesla and SpaceX CEO hosted it Saturday night live.
Dogecoin: 6 weeks, 70% losses
Dogecoin saw a major rally in early May and its height had a market cap of $ 95 billion.
When Musk went on the air, contrary to expectations, on May 8th, DOGE / USD began a steep drop that continues to this day.
At the time of writing, Dogecoin market cap is only $ 26.5 billion – 72% lower. It is trading at $ 0.20, a long way from its all-time high of $ 0.73.
Dogecoin itself started out as a joke and has little real criticism of its rise and fall as it is entirely due to viral promotional activities by the likes of Musk and others.
However, Musk himself has sparked a huge backlash, with many arguing that those who bought DOGE as a result of his efforts lost money – something that can have significant ramifications for them.
Others continue to joke the magnitude of the market’s overall losses in a matter of weeks.
“Say something, Elon Musk. SAY SOMETHING, ”joked former Bitrefill manager John Carvalho.
Last week, an analyst warned that Dogecoin could lose another 60% in price on top of its existing losses.
Has the dog had its day?
Bitcoin (BTC) price retracement has been tough for altcoins in general.
While some have bucked the trend, most of the large-cap tokens have depreciated significantly from their recent highs.
Data this week shows that DeFi coins are mostly 75% lower compared to their own highs.
However, as traders note, alts remain in a different zone than last year. Dogecoin, for example, was trading at just $ 0.002 in June 2020.
“Many altcoins have fallen by 50% to 70%, but are still up 2000% from less than a year,” summarized the popular trading account Squeeze this week.
“Remember, there is no bottom with altcoins.”
Bitcoin has managed to regain some of its market share in the market capitalization of altcoins in the past few weeks, reaching over 47%.