Dogecoin Investor Loses as the Coin Dumps to $0.48
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Meme crypto Dogecoin suffered huge losses on Sunday morning, Despite Elon Musk’s appearance on SNL
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Supporters had been hopeful that the self-acclaimed “dogefather would promote the coin on the comedy show
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Doge is currently trading at $0.48, down by 31% for the day, with a market cap of $63 billion
Meme crypto asset, Dogecoin suffered great losses in the early hours of Sunday, despite Elon Musk’s appearance on Saturday Night Live.
At the time of this report, the coin has lost over 31% in value and is currently trading at $0.48.
On crypto exchange Binance, $270 million positions in Doge assets were lost.
Supporters of the crypto were earlier hoping that Musk’s appearance on SNL will help the meme coin continue its bullish run.
Although Musk has been a strong supporter of Doge, he has also warned followers to invest carefully in the coin.
Read also: Elon Musk Reveals That he has Autism on SNL
Crypto experts have often warned about the coin’s susceptibility to inflation.
Dogecoin has an unlimited supply and in the long run, it would have a negative effect on its price.
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