Dogecoin has plunged more than 75% since Elon Musk hosted “Saturday Night Live” back in May.
It lost 24% over the span of 24 hours, hitting .17413 cents, based on CoinGecko data — which is 76% lower than its peak at 70 cents back in May. At its highest, the dogecoin market was valued at some $94 billion, but recently dropped to about $23 billion this week, according to CoinGecko.
In May, the Tesla CEO’s “Saturday Night Live” gig led to a peak of the cryptocurrency. Since then, it is now the worst-performing crypto as of Tuesday, and investors keep running.
Cryptos have been crashing since May, following Musk’s criticism of bitcoin and China’s recent crackdown on the currency mining that led to $400 billion in value wiped off the market. Musk pulled bitcoin payments for Tesla, blaming it for “insane” energy consumption.
Analysts say this isn’t coming as a total surprise, having warned that currencies like dogecoin have been hyped and driven by speculation and influence by celebrities.