It seems that the DOGE-year could be over as the meme coin that surged in popularity after numerous Elon Musk engagements is down by roughly 75% since its peak less than two months ago.This highlights the dangers for retail investors who follow celebrities blindly, as many of them are now urging Musk to help recover some of the losses.Everything seemed to be going in Dogecoin’s way in the first several months of 2021. Tesla’s CEO, Elon Musk , who is one of the most influential people on Earth now, led the charge with numerous pro-DOGE engagements on social media.
His words reached other celebrities, global brands, and large companies, resulting in a snowball effect. The meme coin’s price saw a parabolic increase as retail investors rushed to brokers like Robinhood to purchase the next hot trend.
It all culminated on May 8th. Shortly before Elon Musk was scheduled to host Saturday Night Live for the first time, where he had promised to talk about the Shiba Inu-inspired token, the asset’s price skyrocketed to a new all-time high of $0.75.Now, though, it’s all different. The mood is grim with desperate investors who allocated more funds than they could have afforded are trying to get help. But, not the help you may expect – they want Elon Musk to intervene again.
Numerous people have begged the billionaire to tweet something positive about the meme coin so its price trajectory can reverse once more, as he has done so many times in the past. Yet, he is untypically silent now.
This raises the question – who is to blame – a billionaire with incredible influence who can impact the markets with a single tweet or all people who followed him blindly without doing their own research?