Dogecoin (DOGE) is still potentially a top ten cryptocurrency, but has suffered the worst loss in USD and Bitcoin (BTC) since billionaire Elon Musk's appearance on Saturday Night Live (SNL).
As proof, the DOGE/BTC trading pair fell 75% after peaking at 1,287 satoshis on May 9, 2021, which is the day after Musk was a guest host on SNL titled "The Dogefather".
Prior to his appearance on the program, he constantly tweeted Dogecoin memes and images that helped the cryptocurrency reach a market cap of $90 billion by May 2021, even gaining over 36,000% in just two years.
Although investors were optimistic with Musk saying that DOGE would encourage his 106 million followers to buy the meme token, he did something unexpected by calling DOGE a "hustle".
This caused the price of DOGE to drop from its highest level thus continuing its downward trend until now, i.e. falling more than 90% against the US dollar after peaking at $0.76 in May 2021.
Since then, Musk's various efforts to revive public interest in DOGE, including working with DOGE developers to improve the efficiency of blockchain transactions and accepting DOGE payments to buy Tesla merchandise, have fueled short-term price increases.
As such, investors are starting to ignore Musk's opinion on DOGE and focus on the Federal Reserve's interest rate hikes which are putting downward pressure on cryptocurrencies, stocks and risk assets.
In essence, DOGE could fall 40% against the dollar as the support levels seen by analysts are around $0.048 and $0.036.
