Since May last year, the capitalization of the meme cryptocurrency Dogecoin has collapsed by about 90%, whereas the price of the asset has fallen from $0.737 to $0.0916.
The altcoin is currently trading at its lowest level since mid-April of last year.
The crypto’s capitalization jumped to $12.156 billion last May 13. While trading at its peak, the value of DOGE tokens in May 2021 was close to $90 billion.
The digital currency is periodically helped by Tesla CEO Elon Musk, who makes positive statements about it. Last spring, he became the key driver of the famous Dogecoin run.
However, he later provoked a sale, making a joke on one of TV-spots that DOGE is a fraud.
Nevertheless, the entrepreneur is still interested in the coin and in January Tesla online store started to accept it as a payment.