Dogecoin price collapsed by almost 25%

Elon Musk was unable to help his beloved Dogecoin (DOGE) soar to a new high. Altcoin over the day fell by almost 25% to $ 0.53.
Cryptocurrency capitalization fell on Sunday, May 9, to $ 69.948 billion.
By contrast, many observers expected the Tesla CEO to support Dogecoin and push it up. The key event was supposed to be the performance of Elon Musk on the comedy show Saturday Night Live, which took place the day before on the NBC channel.

The head of Tesla spoke for about five minutes at the beginning of the program and touched on several topics at once. One of them was Mother's Day, which is celebrated in the United States in May.

The mother of a businessman took part in the program.

She told him: "I can't wait for my gift, I hope it won't be Dogecoin?"

Musk responded by admitting that cryptocurrency would be such a gift. Whether the Tesla CEO was joking or not remains a mystery. However, the DOGE rate began to fall rapidly after Elon Musk's dialogue with his mother.
Transaction activity on the Dogecoin network eased sharply on May 8, according to BitinfoCharts. The number of daily operations fell from 84,672 to 57,000.
Previously, researchers drew attention to the high activity of large DOGE addresses. "Whales" were the main drivers of growth in the value of the "dog coin".