Dogecoin (DOGE) reached yet another milestone when it managed to break its previous all-time high record and broke above $0.7. The ATH itself had been set at the $0.74 mark, and the altcoin inched ever closer to reaching $1, a goal that many would have presumed was next to impossible for the ‘joke’ cryptocurrency. However, following this breakout, the meme digital currency has now faced a flat price crash today after the Chief Executive Officer of Tesla Elon Musk, said that he views DOGE as a hustle.
DOGE’s exponential price rise stops
There was much anticipation as to how Elon was going to go about mentioning DOGE on SNL. However, it all turned out bad for the joke digital currency when the famous billionaire openly called the cryptocurrency a hustle at SNL. As a result of this, the price value of DOGE fell down by more than 25 percent. The exponential growth of DOGE seems to have stopped now.
DOGE had begun as a sort of a joke back in 2013, and even its creators could not have foreseen just how significant it would become over the course of the next ten years. It had started trading at approximately $0.005 at the beginning of 2021, which means that it has managed to experience a whopping increase of 7,000% in the year’s first quarter alone.
Of course, DOGE is also one of the more volatile and riskier cryptocurrencies available. This is because there is no actual technology behind it except for the fact that it has little to no transaction fees, a fact that has drawn in many retail and institutional investors. This has understandably caused some friction within the cryptocurrency industry as while numerous people have invested in it, there are others, such as Cardano’s Charles Hoskinson, who believe that this hype is dangerous for the industry as a whole and could do more to end up damaging the reputation of cryptocurrency rather than benefit it in the long run.
Following this price crash of DOGE, various cryptocurrency exchanges had to face certain issues in their trading process on the platform, including Robinhood and the leading digital currency exchange Binance as well.