• Tesla CEO Elon Musk and Dogecoin have gone through a tumultuous relationship marked by highs and lows.
• After Musk’s SNL appearance, the value of Dogecoin slumped by a staggering 70% from its previous all-time high.
• Cardano’s founder, Charles Hoskinson believes that Dogecoin can be salvaged if it is upgraded to give it real-world usage.
• Dogecoin trades at $0.2168, paling in comparison to its previous all-time high of $0.7376 which it achieved two months ago.

Dogecoin enthusiasts are scratching their heads in astonishment at the rapid turnaround in value for the cryptocurrency that was once in pole position to hit $1. This reversal has led to a massive loss in value by over 70% from it’s all-time high as the community looks to the self-proclaimed Dogefather, Elon Musk, for answers. 

Elon Musk and Dogecoin have had a bitter-sweet relationship with Musk’s tweets driving up the popularity of the cryptocurrency. However, after his Saturday Night Live appearance, things have begun to fall apart for the cryptocurrency.

The Fall of The Doge

On May 8, 2021, Elon Musk made his Saturday Night Live debut, making references to Dogecoin in his opening monologue as the community hoped for a price rally. However, things went awry after prices went on a massive decline with Dogecoin down by as much as 40% the following day.

Since the SNL appearance, Dogecoin has slipped even further, costing investors billions of dollars. This major fall sees the market capitalization of the cryptocurrency around $28 billion from previous highs of around $90 billion. 

Dogecoin still maintains its place in the top 10 biggest cryptocurrencies, trading at $0.228, representing an over 70% decline from its previous all-time high of $0.7374.

Elon Musk and The Doge

Elon Musk and Dogecoin have become intertwined because of their peculiar relationship in recent years. Dogecoin has its origin as a joke, based on a popular internet meme from 2013. The currency’s popularity shot through the roof after it was endorsed by a series of Elon Musk’s tweets. 

The tale of the rise of Dogecoin would be incomplete without Elon Musk, as the price of the crypto spiked after his tweets and memes.

The appearance of the Tesla CEO on SNL was touted to skyrocket the price of Dogecoin above the $1 mark but things went south after Elon Musk referred to the crypto as a hustle, triggering the decline.

Having been buoyed by the tweets of Musk, investors are looking up to him to inspire another rally. Ex-Bitrefill exec, John Carvalho teased the community saying “Say something, Elon Musk. SAY SOMETHING.”

On the Flipside

• Sam Bankman-Fried, CEO of FTX has named Dogecoin the “asset of the year for 2020 and 2021”
• This declaration comes amid dwindling fortunes for the cryptocurrency as it trades around the $0.20 range

Fix Up The Doge

Cardano’s founder Charles Hoskinson has stated that all hope is not lost for Dogecoin if the Network can be upgraded to have real-world utility. 

Speaking on the Lex Fridman Show, he said that a real-world utility will provide a “value floor” saving the crypto from collapse. He further added that it might take up to two or three years to add these capabilities to the network.

Already, Elon Musk has been seen commenting on some updates concerning the network, most recently the fee reduction code by Ross Nicole. Elon Musk noted it “is an important improvement.”

Before this, Elon Musk had called on developers to share ideas that could lead to significant upgrades for Dogecoin and this hoped to give the network real-life capabilities that can ensure its longevity.