Despite Crashing 72% Since Elon Musk’s SNL Peak, DOGE Is Still The Best Performing Coin of 2021
Over the weekend, a car featuring the Dogecoin logo crashed in Nashville's NASCAR Xfinity Series Race. Stefan Parsons' car was embellished with the DOGE Shiba Inu dog and crashed into the wall during Stage 2 at Nashville Superspeedway. Parsons' car was sponsored by the CEO of Springates, a manufacturer of auto parts, who is a DOGE enthusiast.
However, DOGE’s connection with NASCAR tracks isn’t new; rather, it goes back to 2014 when Dogecoin fans raised 68 million DOGE (worth about $42,000 at the time) via a Reddit campaign to sponsor Josh Wise's Ford Fusion car.
Following the car crash, the price of DOGE also tumbled, falling as low as $0.170 on Tuesday, a level last seen in April.
With the latest losses, DOGE’s price has fallen more than 70% from its all-time high of $0.73 on May 8, as per CoinGecko.
The peak for DOGE’s price came after Tesla CEO Elon Musk’s appearance on “Saturday Night Live,” where he called it “a hustle.” While Musk has since then increased his support for the coin, talking about discussing the development of its blockchain with the developers, that has failed to create momentum for the coin.
A favorite among the retail, Dogecoin is currently following the broad crypto market with bearish sentiments.
As we reported, retail investors have made an exit from crypto and are back into the meme stocks. Individual investors have poured in a net $140.57 billion into the US market this year, an increase of 33% during the same period a year ago and over 6x the amount invested by them in 2019, according to data from Vanda Research.
still best performer pic.twitter.com/8gnFM6zV8y
— Darren Lau (@Darrenlautf) June 21, 2021
Despite this, the meme coin is one of the best performing coins of 2021, with YTD gains still at 5,030%. MATIC is the one with the biggest gains than DOGE, up 7,700% YTD still after the losses.
As of writing, with a market cap of more than $26 billion, DOGE is the 7th largest coin, trading at $0.20.
Recently, the biggest cryptocurrency exchange in the US, Coinbase, listed Dogecoin, and earlier this month, UK-based digital baking service Revolut also added the coin in response to demand from its users.
“One of the most popular user requests over the past couple of months has been to add dogecoin, and we have answered the call,” said Ed Cooper, Revolut's head of crypto, in a statement.