Dogecoin hit an all-time high of $0.7376 after Elon Musk’s Dogecoin announcement on Saturday Night Live (SNL) last May. DOGE has dropped 92% since then.
During the SNL show, Musk introduced his favorite cryptocurrency DOGE and ultimately pushed the price of memecoin to the aforementioned historic high. But so far, the Dogecoin price has almost completely lost the gains it made back then. Charlie Bilello, founder and CEO of Compound Capital Advisors, drew the attention of his followers on his Twitter page to this fact.
The price skyrocketed after Elon Musk called himself “The DogeFather” and the SNL show. Following this, Dogecoin surged to $0.73 on May 9 and its market cap rose to $91 billion. This is the number Bitcoin reached two years ago.
Founder of Galaxy Digital Mike Novogratz, a prominent supporter of Bitcoin and Ethereum, made his own statement regarding the sudden growth of the then leading meme cryptocurrency. He tweeted that for millennials and millennials, DOGE is “showing the middle finger at the system.”
Dogecoin was created and released in 2013 by IT engineers Billy Markus and Jackson Palmer as a parody of Bitcoin. The cryptocurrency was inspired by the Shiba Inu dog breed. It later became Elon Musk’s favorite digital asset.
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