Dogecoin has lost more than 90% of its value since last May
, the largest meme cryptocurrency, has plunged a staggering 90% from its all-time price peak that was recorded on May 9, the day Elon Musk hosted the American late-night sketch comedy show"Saturday Night Live."As reported by U.Today, Dogecoin's market cap topped $90 billion in the run-up to the much-hyped event, becoming more valuable than General Motors.
Musk's SNL hosting debut ended up being a"sell the news event": Dogecoin lost about 40% of its price in mere hours. It has not recovered since then despite such famous companies as Gucci and Tesla moving to accept the world's most famous Bitcoin parody. Earlier today, Dogecoin added a zero to its price tag, dropping as low as $0.07 during another major cryptocurrency market selloff that was triggered by the ongoing implosion of Terra.
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