Dogecoin has fallen 90% since ‘The Godfather’ debuted on SNL

The most popular meme cryptocurrency, Dogecoin, is down 30% in the past 24 hours but has started to rebound.

Some 250 million Dogecoins were moved during the sharp price drop, with just over half of that amount going to Robinhood.

Whales move Dogecoin to Robinhood

The @DogeWhaleAlert account monitoring large Dogecoin transfers uncovered two transactions totaling over 100 million Dogecoins.

The two DOGE blocks have a total of 110,614,220 and 139,261,848 meme coins worth $8,497,274 and $11,625,997 respectively. The second Dogecoin payment was made through the well-known Robinhood trading program, which allows users to invest in stocks and cryptocurrencies such as Bitcoin, Ethereum, Solana, DOGE, Shiba Inu, Bitcoin Cash, and other notable coins.

Dogecoin has lost 30% of its value in the past 24 hours, plummeting $0.160 to $0.0723, following Bitcoin’s fall to $27,000 and Terra’s UST losing its peg to the U.S. dollar.

However, the coin has started to recover some of its losses, up 9.47% at press time. DOGE is now trading at $0.0793 on the Binance market.

Recommended reading | Shiba Inu: Largest dollar holdings among richest Ethereum whales

DOGE plummets since Musk endorsement

DOGE has plunged 90% since hitting an all-time high on May 8 last year. The meme coin surged to $0.7376 after Elon Musk declared himself the “Godfather” on Twitter and subsequently appeared on Saturday Night Live. (SNL).

DOGE/USD has plumetted 90% since Musk appeared on SNL. Source: TradingView

However, the appearance of Tesla CEO Elon Musk on U.S. television sparked a massive sell-off, with the coin dropping to $0.45 three days later.

Musk has long been a supporter of Dogecoin, often promoting it and boosting its value in his tweets. However, over time, these tweets started to have little or no impact on the price of Dogecoin.

Electric car company Tesla began accepting meme coins as a payment method for some items in its online store in January 2022. Musk responded that it was an experiment and he would see how it turned out.

Related reading | Dogecoin is in a descending wedge shape; here’s what it means

Featured image from UnSplash, chart from TradingView.com



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