Dogecoin plunged 87% after Elon Musk’s “Dogefather” debut on Saturday Night Live hit ATH a year ago.
Dogecoin, one of the leading meme currencies, made ATH on May 8 last year, reaching as high as $0.73 with Dogecoin sketches on Elon Musk’s popular television show Saturday Night Live. Dogecoin has dropped close to 90% from this peak, with the latest drop that shook the markets. At that time, the market value of Dogecoin rose to $ 93 billion.
Dogecoin as a Payment Method
However, on the other hand, Dogecoin has also progressed in the direction Musk wanted. Musk believes in the superiority of Dogecoin as a means of payment, and so far many companies such as US movie chain AMC, luxury clothing giant Gucci, Porsche dealer Porsche Towson and real estate-focused global investment firm Jamestown and Dallas Mavericks have begun accepting Dogecoin payments.
Dogecoin is trading at $0.11 as of the time of publication.