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DOGE is down 70 percent from its all-time large as one dealer reiterated it’s one of those “bottomless” altcoins.
Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency, has dropped tens of billions of dollars in value because he held the token on mainstream TV.
As sources mentioned this week, the market capitalization of this meme-based altcoin is currently $69 billion down from if the Tesla and SpaceX CEO hosted Saturday Night Live.
Dogecoin: 6 months, 70% reduction
Dogecoin saw a gigantic rally in ancient May and its peak had a market cap of $95 billion. When Musk went on air on May 8, contrary to expectations, DOGE/USD then started to plummet and has lasted to this day.
At the time of writing, the market capitalization of Dogecoin is only $26.5 billion — 72% reduced. The token is trading at $0.20, a far cry from its all-time high of $0.73. 
The token itself started out as a joke, Dogecoin can get little actual criticism because of its ups and downs, this is just for the viral advertising of the likes of Musk and many others.
However, Musk himself has generated a backlash, with many claiming that those who purchased DOGE based on his attempts have lost money – something for those who might have significant consequences.
Others continued to joke about the general area of the market’s damage for many weeks. Former Bitrefill CEO John Carvalho joked.
“Say something, Elon Musk. PLEASE SAY IT.”
Last week, an analyst cautioned that Dogecoin could fall another 60 percent because of present losses.
Did the dog have a fantastic day?
The Bitcoin (BTC) price retracement is now difficult for altcoins generally.
While some have bucked the trend, most large-cap tokens have dropped in value significantly from their current highs. Data shows that this week, DeFi coins are 75% under their own peaks. However, as dealers notice, alts continue to be in a different area from where they were last year. For instance, Dogecoin was trading in 0.002 ISD in June 2020.
“A lot of altcoins are down 50%-70% but still up like 2000% less than a year ago. Just remember that there is no bottom when it comes to altcoins.”
Bitcoin has been attempting to recover some of its market cap share from altcoins within the last couple of weeks, reaching over 47%. 
Synthetic
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