Since the second richest person in the world and CEO of Tesla Elon Musk was a guest on the television show ‘Saturday Night Live‘ and mentioned dogecoin there, dogecoin has lost 80 percent of its value against the US dollar.
The dogecoin, which was traded at $0.68 on May 7, today’s price is around $0.18.
After the increase in the value of dogecoin due to the tweets that Musk made at intervals for a long time, the television program that he would come out on May 8 began to be watched with interest by investors.
However, that night, the expectations did not come true, and after Elon Musk‘s TV show about dogecoin, the value of the currency began to decline. The cryptocurrency has lost 80% of its value since then.
There are generally more positive comments about a product founded in 2013 as a parody of Bitcoin. Asked in February whether he thought Dogecoin could be the next global currency, Musk responded: “I think it should be the will of the people. … What would be the most ironic outcome? That the currency that was invented as a joke in fact becomes the real currency.”
As of mid-July, Musk is still tweeting about dogecoin, but these tweets are not having as much impact on the value of the coin as before. It is thought that crypto investors have become insensitive in this regard and their trust in Musk has decreased.