The fast-rising crypto asset, Dogecoin suffered record losses in the early hours of Sunday despite Elon Musk’s debut on the long-awaited Saturday Night Live which surprisingly led to a violent dump.
At the time of drafting this report the dog meme coin traded at $0.564505 on the FTX Exchange with a daily trading volume of $31 billion. Dogecoin is down 21.34% for the day.
Recent price actions reveal $DOGE lost as much as 25%, dropping as low as $.50 amid record selling pressures.
The largest single liquidation order happened on Binance-DOGE value $12.07 million as over $270 million positions in the Dogecoin assets vanished into thin air.
READ: Dogecoin up 168%, more valuable than Polkadot, Cardano
READ: Altcoin season? Ether, ADA, Doge and others hit all-time highs
Supporters of the fast-growing crypto were earlier hopeful that Elon Musk might offer some strong bullish bias in favour of Dogecoin but that was not to be. Although the Tesla CEO has, many times via social media, stated that Dogecoin remained his favourite crypto, he recently warned fans to invest in the asset with great caution.
Crypto pundits have often frowned at the inflationary properties of Dogecoin considering that it is printed every minute of every day, giving it a potentially infinite supply. The implication of this is that the crypto asset’s unlimited supply could, over time, impact negatively on its price.
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