The entire cryptocurrency market is in decline, but the Dogecoin project is one of the hardest hit. The community appears to be in shock. Their self-proclaimed leader is nowhere to be seen. The leading meme currency has lost 70% of its value since its peak in May. Its market cap burned a whopping $ 72 billion over the same period.
Will the Doge's army continue to support and buy in decline? It seems so. The price has recovered in the last few hours, but the recent red candles are scary.
To be honest, Elon Musk hasn't advised anyone to buy Dogecoin so far. He promised to work with the developers to "improve the transaction efficiency of the system". But then did he really do it?
And he said that Tesla (Tesla shares - ticker TSLA) would have accepted DOGE and something about a DOGE-powered space mission. These may be understood as trolling, but here it seems to promise, or at least hope, that Dogecoin "will become the currency of the Earth".
Is the Doge's army right when they call Musk to help them in their time of need? Is he breaking promises by not even mentioning cryptocurrency anymore? In fact, Elon hasn't even mentioned any cryptocurrency projects since he was called by Anonymous. We are not suggesting causality, but it is curious.
Just as we are not insinuating causality when we say that Dogecoin's crash to the ground began during Elon Musk's appearance on Saturday Night Live.
The doge's army asks for help, Elon tweets about rockets
The billionaire is a busy man, there is no denying it. But, so far, he has not responded to the Doge's community cries for help.
Some people may think he is not responsible for the sudden drop, and he owes nothing to the doges' army. However, there is a case to be made that it does. And we are not the only ones to think so. A few weeks ago, Cardano's Charles Hoskinson tried to teach Elon how to fix Dogecoin and at the end of the video he said:
“Thank you very much for joining our space. And thank you very much for telling everyone that you will take custody of that cryptocurrency and make sure it gets where it needs to go. And I can't wait to see the great innovations that you will come out with in a year or two ”.
More Dogecoin heroes arise
While Musk was tweeting about rockets, Billy Markus, one of Dogecoin's co-founders "bought dogecoin after an 8-year vow to never buy cryptocurrencies again." Was he just buying low and making an investment? Or was he trying to help lift the morale of the doges' army? Maybe a little of both? Interesting questions that we cannot answer at the moment.
Returning to Elon, this article cannot end without recalling another of his promises: “Only if Doge can't do it. Great pain in the neck to create another ".
With the collapse of DOGE in mind, is this man considering releasing his own coin? It could be.