Dogecoin, having enjoyed a massive boost in the past due to promotion by Twitter CEO Elon Musk, has dropped in market valuation as the billionaire has focused on other projects.
Musk’s mingling with Doge started in 2021 when he tweeted, “Dog barking at the moon.” In return, the value of Dogecoin surged to $0.45. A few days later, he taunted his Twitter followers about the chances of featuring Dogecoin on his “Saturday Night Live” hosting debut.
Following these events, Doge’s valuation grew by as much as 20%. Following that increase, Musk was dubbed the “Dog Father.” Similarly, he changed his Twitter bio to “Former CEO of Dogecoin”.
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Dogecoin, the first of the dog-themed meme coins, launched in 2013. Software engineers Billy Markus and Jackson Palmer introduced the memecoin into the cryptocurrency ecosystem to explore the momentum around Bitcoin’s rise. Though it began as a joke, Dogecoin’s quick popularity stunned many critics, and it was relatively stable from 2013 until 2021, when the cryptocurrency market took off in commendable leaps,
At the start of 2021, Doge’s price rose from $0.004681 to its all-time high of $0.7376 on the 8th of May 2021 — recording a profit of over 15,650%. Towards the end of May 2022, it traded at around $0.30. In July, it dropped further to $0.1607.
After a bit of back and forth between August and September, it climbed to $0.2819 on the 24th of October. However, it began a bearish pull in 2022, recording lower highs and lower lows. On the 7th of February 2022, it sprung back to $0.1716 but could not enjoy a stable ride.
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With different attempts at rebounding, the price dropped several times. A positive mist masked the memecoin after news of Musk’s takeover of Twitter dropped. The price rallied to a high of $0.1572 on the 1st of November, pumping the expectations and hopes of Dogecoin holders.
Though FTX’s crash had an immense, negative impact on the crypto market, Doge was valued twice as much as some months ago. At the end of 2022, it was valued at $0.07029. This year, there have been traces of recovery for Dogecoin.
But on the 10th of February, the price slipped to $0.08017 before bouncing back to around $0.0866 on the 21st of February. CoinMarketCap reports that Dogecoin is down 1.80% in the last 24 hours.
Dogecoin needs Musk’s attention
Since the launch of ChatGpt, the buzz around AI has been immense. Little or no attention has been paid to other sectors, impairing their ability to generate value. Doge is one of the victims of ChatGPT’s buzz. It is not getting the same attention it got in 2021 because Musk has turned his attention towards exploring ChatGpt and overall artificial intelligence (AI) technology.
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Musk has only mentioned the memcoin once this year in his tweets. Though he posted an image of his dog Floki, whom he called the CEO of Twitter, Dogecoin did not witness a spike; instead, Floki Inu increased in market valuation.
Dogecoin is dying to get a promotional boost from Elon Musk, but the billionaire seems to be largely interested in AI. He has tweeted less about Dogecoin this year, and, in a tweet about his latest interest in AI, Musk said, “I used to be in crypto, but now I got interested in AI.”
In the last seven days, Dogecoin has dipped 22%. The coin is in dire need of Elon’s attention.
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