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Dogecoin (DOGE), Elon Musk’s pet favourite cryptocurrency, has shed tens of billions of {dollars} in worth since he publicly plugged it on mainstream TV.

As sources noted this week, the meme-based altcoin’s market cap is now $69 billion down versus the place it was when the Tesla and SpaceX CEO hosted Saturday Night time Stay.

Dogecoin: 6 weeks, 70% losses

Dogecoin noticed a serious rally in early Could, and its top had a market cap of $95 billion.

When Musk took to the airwaves on Could 8, opposite to expectations, DOGE/USD then started a precipitous fall which continues to this present day.

On the time of writing, Dogecoin’s market cap is simply $26.5 billion — 72% decrease. It trades at $0.20, a far cry from its $0.73 all-time highs.

DOGE/USD 1-day candle chart (Bittrex). Supply: TradingView

Itself began as a joke, Dogecoin can discipline little real criticism of its rise and fall, this being down completely to viral promotion exercise by the likes of Musk and others.

Musk himself has sparked a serious backlash, nonetheless, as many argue that those that purchased DOGE based mostly on his efforts have misplaced cash — one thing which for them might have vital penalties.

Others proceed to joke concerning the extent of the market’s general losses in a matter of weeks.

“Say one thing, Elon Musk. SAY SOMETHING,” former Bitrefill govt John Carvalho joked.

Final week, one analyst warned that Dogecoin might shed one other 60% in worth on high of current losses.

Has the canine had its day?

The Bitcoin (BTC) worth retracement has been powerful on altcoins extra broadly.

Whereas some have bucked the pattern, a lot of the large-cap tokens have shed vital worth versus their current highs.

DeFi cash, information shows this week, are principally 75% decrease versus their very own peaks.

As merchants notice, nonetheless, alts stay in a unique zone to the place they had been even final yr. Dogecoin, for instance, traded at simply $0.002 in June 2020.

“Numerous altcoins have dropped 50%-70% however are nonetheless up like 2000% from lower than a yr in the past,” well-liked buying and selling account Squeeze summarized this week.

“Simply do not forget that there isn’t any backside with regards to altcoins.”

Bitcoin has managed to claw again a few of its market cap share from altcoins over the previous few weeks reaching above 47%.

Bitcoin market cap dominance chart. Supply: TradingView