Dogecoin Now Down 90% from Musk-Fueled Price Peak

– Dogecoin has plunged 90% from its all-time price peak that was recorded on May 9.
– Dogecoin’s market cap topped $90 billion in the run-up to the much-hyped event, becoming more valuable than General Motors.
– Musk’s SNL hosting debut ended up being a “sell the news event”: Dogecoin lost about 40% of its price in mere hours.
– It has not recovered since then despite such famous companies as Gucci and Tesla moving to accept the world’s most famous Bitcoin parody.
– Dogecoin is currently valued at $12 billion, which makes it bigger than such well-known companies as Zillow and ASUS.
– Lawrence McDonald, former head of macro strategy at French banking giant Societe Generale Group, has concluded that Dogecoin’s rise was simply driven by excess Federal Reserve liquidity.