As the bear market continues to bite, altcoins have taken a huge hit. One of the altcoins that have dropped sharply is Dogecoin which is down by around 70 percent and does not seem to be easing up.
Dogecoin’s downward spiral started after Elon Musk attended the Saturday Night Live Show and called it a hustle. While his appearance was expected to boost the coin, it acted as the peak. Many investors that put money into Dogecoin based on Musk’s tweets are now feeling the heat.
Some of them are now taking to social media asking Musk to say something and help uplift the price. They know that Elon Musk was the reason behind its rise, and if he can speak about it, maybe the price can improve.
Before Musk started tweeting about Dogecoin, it was primarily considered a joke coin. Its meteoric rise may have given it some seriousness, but nothing changed in terms of fundamentals. This means without the influence of the likes of Elon Musk; the downside could be brutal.
Recently, a top market analyst warned that despite losing about 60 percent of its value, there was a risk of Doge shedding another 60 to 70 percent. His rationale was that despite such a huge drop, Doge is still up by thousands of percentages.
However, Dogecoin is not the only one facing this risk. Most altcoins are still up by over 1000% in less than a year. According to a popular crypto trader called Squeeze, altcoins have no bottom and could bleed even more from current prices.
A lot of altcoins have dropped 50%-70% but are still up like 2000% from less than a year ago.
Just remember that there's no bottom when it comes to altcoins.
— Squeeze (@cryptoSqueeze) June 21, 2021