The whole crypto market is down, and the Dogecoin project is one of the most affected. The community seems to be in shock. Their self-appointed leader is nowhere to be seen. The premier meme-currency has lost 70% of its value since its peak in May. Its market capitalization shredded a whopping $72B in the same period.
Is the Doge Army going to keep holding and buying the steep dip? It seems that way. In the last few hours, the price shows signs of recovery. However, the recent red candles are a scary sight.
Related Reading | Dogecoin (DOGE) Blasts Higher in Another Nonsense Rally; What’s Next?
To be fair, so far Elon Musk hasn’t advised anyone to buy Dogecoin. He did promise to work with the developers to “improve system transaction efficiency.” Did he deliver on that?
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
And he did say that Tesla was going to accept DOGE, and something about a DOGE-powered space mission. If you’re generous, those two can be understood as “trolling.” However, in the following tweet he seems to promise, or at least hope, that Dogecoin will “become currency of Earth.” (sic)
For those bad at math 👆, 100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fees & high volume are needed to become currency of Earth.
— Elon Musk (@elonmusk) May 16, 2021
Is the Doge Army in the right when they call Musk to help them in their time of need? Is he breaking promises by not even mentioning the cryptocurrency anymore? In fact, Elon hasn’t even mentioned any cryptocurrency project since he was called out by Anonymous. We’re not implying causality, but it’s curious.
Just as we’re not implying causality when we say that Dogecoin’s crash began during Elon Musk’s appearance on Saturday Night Live.
The Doge Army Asks For Help, Elon Tweets About Rockets
The billionaire is a busy man, there’s no denying that. But, so far, he’s not responded to the Doge community’s cries for help.
Falcon landing or falcon taking off its not important anymore man because we have a doge crisis OK , we have no mode to watch or track your falcon anymore seriously
— Captain Reed Ocean (@OceanReedOcean) June 22, 2021
Hey, Elon when you tweet Again with this caption THE DOGE FATHER.
I have lost 90% on my doge investment 😪 but still I love doge no matter what.
— 𝑴𝒉 𝑯𝒂𝒔𝒔𝒂𝒏 (@Hassan91251325) June 21, 2021
@elonmusk doge is way down ! Do some work
— bbc(benjamincbitu) (@BituEduard) June 21, 2021
Some people might think he’s not responsible for the sudden dip, and he owes nothing to the Doge Army. However, there’s a case to be made that he does. And we’re not the only ones who think that way. A few weeks back, Cardano’s Charles Hoskinson tried to teach Elon how to fix Dogecoin and at the end of the video said:
“Thank you truly for entering our space. And thank you truly for telling everybody that you’re going to take custody of that cryptocurrency and make sure that it gets where it needs to go. And I look forward to see the great innovations that you guys come out with in a year or two.”
DOGE price chart on Bitfinex | Source: DOGE/USD on TradingView.com
Related Reading | How Bitcoin Could Be Affected By Powell’s Testimony Next Week, Will BTC Crash Again?
Other Dogecoin Heroes Arise
While Musk was tweeting about rockets, Billy Markus, one of Dogecoin’s co-founders “bought dogecoin after 8 years of vowing never to buy crypto again.” Was he just buying the dip and making an investment? Or was he trying to help raise the Doge Army’s morale? Maybe a little bit of both? Interesting questions that we can’t answer at the moment.
I bought dogecoin after 8 years of vowing never to buy crypto again, an hour ago.
I have checked the price 7 times so far since then. I was up 10% and now it’s back to up 3%.
Anyway, this seems healthy.
— Shibetoshi Nakamoto (@BillyM2k) June 22, 2021
Back to Elon, this article can’t end without remembering another one of his promises:
Only if Doge can’t do it. Big pain in the neck to create another one.
— Elon Musk (@elonmusk) May 16, 2021
With DOGE’s crash in mind, is this man thinking about releasing his own coin? He might be.
Featured Image by SpaceX on Unsplash - Charts by TradingView