China's crackdown is not only crippling Bitcoin, most other coins have crashed alongside the leading cryptocurrency.
More than 20% has been lost in the Dogecoin price overnight - the price of the pouplar meme coin just keeps falling. In the last 7 days there has even been a loss of almost 38%. Just yesterday, Dogecoin was worth $0.26 - but according to data aggregator Nomics, Dogecoin is currently (at the time of this writing) trading at just $0.19.
The last few weeks have been rather red for the usually optimistic DOGE community, and today's crash adds to the current bearishness around the "meme coin".
On Saturday, Dogecoin was back as a sponsor at NASCAR, having last sponsored a car in the All-Star race in 2014. Back then, Doge car driver Josh Wise finished last.
Saturday's race was even worse than the debut, however, with Stefan Parsons driving his Doge-branded Camaro into a wall. Dogecoin joined the wreckage shortly after - literally this time, losing 9.6% of its value overnight.
So promising, so wow
Dogecoin was created by software programmers Jackson Palmer and Billy Markus in 2013. The coin was meant to be a tongue-in-cheek satire of altcoin culture. Dogecoin has been able to build an enthusiastic following around itself since Bitcoin began its latest bull run last winter. The community is colloquially known as the "Doge Army".
Much of DOGE's popularity is due to its high visibility in celebrity culture. Tesla CEO Elon Musk is possibly the most influential member of the Doge Army, having outed himself as a supporter on Twitter more than once. Rapper Snoop Dogg and KISS bassist Gene Simmons had also joined in the DOGE praise there.
On 28 April Musk was able to pump up the price of Dogecoin by 15% to $0.69 by announcing he would be doing a skit about the cryptocurrency on Saturday Night Live. The night before his appearance, Doge hit its all-time high of $0.74. Minutes later, however, Dogecoin plunged into a catastrophic freefall - and the price fell back to $0.43. All the gains the coin had managed to generate from the hype surrounding Musk's SNL appearance were wiped out in one fell swoop.
"Such a crash, so much ouch", is probably how one would put it in the DOGE community. Will the coin recover without further endorsement from Elon Musk? One thing is certain: if the Tesla CEO sticks to his intentions to improve DOGE, the coin could face a massive upswing as soon as Bitcoin also manages to recover.
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