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Technology Dogecoin crashes by 75 percent: Experts see valley oil yet

18:13  22 june  2021
18:13  22 june  2021 Source:   t3n.de

What is Dogecoin? How a joke became hotter than bitcoin

  What is Dogecoin? How a joke became hotter than bitcoin Dogecoin is the hottest, quirkiest cryptocurrency on the planet. © Getty Images DOGE COIN The total value of the dogecoins in circulation is nearly $50 billion — not bad for a digital currency that started as a joke.It is the No. 5 most-valuable cryptocurrency on the market, according to CoinMarketCap, having increased more than 6,000% this year. The price of a dogecoin doubled again Friday after Tesla CEO Elon Musk tweeted about it for the umpteenth time (more on that in a bit). Demand for Dogecoin spiked so much in April, it briefly broke Robinhood's cryptocurrency trading system.

of $ 0.75 to $ 0.16, the fun currency Dogecoin has fallen within the last six weeks. The end does not seem to be reached. A savior would be in sight, but does not do anything.

Sein Interesse an Kryptowährungen teilt Musk gern via Twitter oder auch in TV-Shows mit. Damit sorgte er unter anderem für einen Aufschwung des Dogecoin-Kurses, bevor er ihn mit einer Aussage in einer Late-Night-Show zu Fall brachte. © Siraj Ahmad / Shutterstock.com His interest in crypto currencies are often shared by Twitter or even in TV shows. Among other things, he made for a recovery of the Dogecoin course before he brought him to a statement in a late-night show.

8 May 2021 was a great day for the Dogecoin. On this day, the self-appointed Dogefather Elon Musk should start to take over the host of the popular US ComedyShow Saturday Night Live (SNL) .

SNL appearance ensures Course Shock

In the run-up to the show, Musk had repeatedly anticipated the Dogecoin and thus ensured for high demand for the Krypto asset. In the same time environment, Via Reddit had crosslinked small investors the Dogecoin similarly pushed as at the beginning of the Gamestop share or the end of May the AMC paper . In any case, the Dogecoin reached its all-time high of $ 75 in the course of May 8th.

Dogecoin Co-Creator Invests in It for 1st Time in 8 Years After Dramatic Price Plunge

  Dogecoin Co-Creator Invests in It for 1st Time in 8 Years After Dramatic Price Plunge After the cryptocurrency market took a drastic plunge, co-creator of Dogecoin Billy Markus reportedly invested in crypto for the first time in eight years. Experts believe the plunge in market prices can be attributed to China's crackdown on cryptocurrency bans.Markus, whose online presence lies under the name Shibetoshi Nakamoto, tweeted on Tuesday, "I bought dogecoin after 8 years of vowing never to buy crypto again, an hour ago.

During the program then something like a shock occurred: Elon Musk described the Dogecoin in a sketch relatively unpunded as "dizziness" and Musk's mother realized that she did not wish her "already Dogecoin" for Mother's Day.

Lloyd Easter Day Stoped by the Desk to Talk Cryptocurrency. pic.twitter.com/cuilxObjl

- Saturday Night Live - SNL (@nbcsnl) May 9, 2021

Favored by these statements, but certainly in the context of the general crypto crash, which essentially by the world's increasing regulatory pressure was created on Bitcoin and other leading currencies , there was only the way down for the Dogecoin. In the week after the SNL broadcast, Doge had lost about 50 percent of his value. Also for Musk, the appearance has not been worth it: in the departure around 20 billion dollars of booking , because the Tesla share had strongly adopted.

Dogecoin Co-Creator Says 'Cryptocurrency Is an Inherently Right-Wing Technology'

  Dogecoin Co-Creator Says 'Cryptocurrency Is an Inherently Right-Wing Technology' He also said cryptocurrency's technology limits others from auditing, regulating and taxing the industry in such a way to prevent corruption and fraud."After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity," Palmer wrote in a Twitter thread posted Wednesday afternoon.

valley oil not yet reached?

On June 22, the Dogecoin fools around 16 dollar cents after falling significantly from 28 cents over the past two days. Thus, the Altcoin is now more than 75 percent below the pre-SNL value. The transaction volume of the Dogecoin has even reduced by 93 percent since the highest lands .

experts do not yet see the end. So values ​​also seem to back to five cents back in tangible proximity. In this magnitude, the Altcoin had moved over the year 2021 to a steep ascent in early April.

This does not bring a few of the small investors who jumped on the supposedly traveling train into trouble. People who had passed reddit or otherwise to the decision, it could be a good idea to invest significant amounts in Dogecoin, stand in front of ruin.

Savior wanted

clear that because the call is loud after a rescuer - and it is also clear who could be this savior. Elon Musk should judge it, demand some. It would already rich if he would tweet positively about the coin with the dog's goal again, my some. They overlook that Musk has quite expressed one or the other time to the Dogecoin one or the other time in the meantime. For example, he had announced that he works with the developers at improving transactions . It has been found that MUSK even offered the financing of the project, the developers had rejected that.

Unique Fan Tweets, however, underscores Musk since then. Meanwhile, it should be questionable whether they would have the same effect as before the crash. Musks Twitter-Kapriols have recently applied Anonymous against him . The grouping raises the billionaire to have destroyed life with his "games on the crypto market". Musk has not previously expressed the allegations.

Crypto investors to Elon Musk: Please stop tweeting! .
The prices of bitcoin, dogecoin and other digital currencies have plunged more than 40% in recent weeks. While Elon Musk isn't the only reason for the crypto carnage, he certainly isn't helping.The prices of bitcoin, dogecoin and other digital currencies have plunged more than 40% in recent weeks. While Elon Musk isn't the only reason for the crypto carnage, he certainly isn't helping.

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