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DOGE Witnesses Sharp Decline Ahead of Musk’s SNL Debut

DOGE_witnesses_sharp_volatility_ahead_of_Elon_Musk’s_SNL_debut
  • Dogecoin has experienced a sharp decline in market cap.
  • The meme-based crypto has lost about $13.47 billion in just three hours.
  • Experts are now predicting that DOGE will experience some volatility.

Dogecoin is facing a sharp decline in market cap, highlighting the asset’s volatility. The meme-based crypto lost about $13.47 billion in just three hours.

However, the decline in DOGE’s market cap emerged as the value plunged to $0.67 from the $0.73 all-time high price. As such, CoinMarketCap provides data that indicates the asset’s market cap dropped to $78.76 billion from $92.23 billion recorded three hours earlier on May 8.

In addition, the crypto rally received support from celebrities like Tesla CEO Elon Musk. He always backed the asset through regular tweets. At the same time, the latest record price emerged ahead of Musk’s Saturday Night Live (SNL) show as a host.

Musk has hinted that the show will feature DOGE after tweeting a photo on May 8. A picture of himself, singer Miley Cyrus and rapper The Kid Laroi alongside Dogecoin’s Shiba Inu dog photoshopped. Also, experts now predict that the DOGE will experience some volatility. It will happen ahead of Musk’s appearance on SNL with a $1 price mark in sight.

On the other hand, some market analysts warn investors to approach the asset with caution. Due to the lack of a strong support concrete-like Bitcoin.

Notwithstanding the doubt around doge, the asset has grown by about 17,000% in 2021. To clarify, Dogecoin’s massive growth in market cap allowed the crypto to dethrone Ripple (XRP) from its place. As a result, DOGE now is in 4th place under Binance Coin (BNB), Ethereum (ETH), and Bitcoin (BTC) based on CoinMarketCap.

A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.