After Elon Musk made repeated promises to take Dogecoin “to the moon,” the coin is now on the list of the “worst performing crypto” thanks to a steady plunge that can be traced back to the Tesla CEO’s Saturday Night Live hosting gig. According to The Wrap, Dogecoin’s price has dropped over 75% since Musk’s SNL appearance, and things went rapidly downhill in the past 24 hours as investors fled the canine-themed coin.
However, while Dogecoin may be the worst performing crypto, it’s not alone as the entire crpyto market is reportedly in turmoil:
Cryptos have been crashing since May, following Musk’s criticism of bitcoin and China’s recent crackdown on the currency mining that led to $400 billion in value wiped off the market. Musk pulled bitcoin payments for Tesla, blaming it for “insane” energy consumption.
Analysts say this isn’t coming as a total surprise, having warned that currencies like dogecoin have been hyped and driven by speculation and influence by celebrities.
It’s exactly that last part that has caused Musk to run afoul of Anonymous, who recently accused the Space X founder of market manipulation. In a video posted to YouTube at the beginning of June, the hacker collective called out Musk for the conditions at his Tesla plant as well as using his Twitter account to dupe people into buying crypto.
“Reading from the comments on your Twitter posts it seems that that games you have played with the crypto markets have destroyed lives. Millions of retail investors were counting on your crypto games to improve their lives,” the collective said. “This is something you will never understand because you were born into the stolen wealth of a South African apartheid emerald mine and have no clue what struggle is like for most of the working people in the world.”
(Via The Wrap)