As Dogecoin's car crashes, DOGE's price drops

Dogecoin is back in NASCAR after seven years, and this time things didn't go well – neither for the sponsored vehicle nor for the cryptocurrency. Dogecoin holders, led by Springrates CEO Sean Taylor, sponsored American racer Stefan Parsons' #99 car for yesterday's NASCAR Xfinity Series Race in Nashville. But the Dogecoin-adorned Chevrolet Camaro hit the wall and finished the race in last place – disappointing the Dogecoin army, the cryptocurrency's most ardent fans, who pushed the #dogecar trend on Twitter yesterday. Dogecoin and NASCAR have a long history. In 2014, Dogecoin holders coordinated Reddit to sponsor NASCAR driver Josh Wise after donating $55,000 to DOGE. Stefan Parsons' father, Phil Parsons, also competed in the same team as Wise, who finished 20th in the race. NASCAR driver Landon Cassill paid the full price of Dogecoin in crypto when Parsons' car crashed last night. DOGE metaphorical car crash fell 9.6% to $0.26 in the last 24 hours. According to data from Nomics, the coin is currently the seventh largest cryptocurrency with a market cap of $34.8 billion. Dogecoin was listed on the popular Coinbase exchange earlier this month; The US stock market gave DOGE $1.2 million to celebrate the listing. However, the price of the cryptocurrency has not seen a temporary Coinbase high taking advantage of other offers; instead it held on and then began to sink. Prior to this, Dogecoin enjoyed a spring of Musk rise. It rose 15% to $0.69 when Musk announced on April 28 that he would perform in a skit about Dogecoin on Saturday Night Live. In the week leading up to Musk's very exciting Saturday Night Live performance on May 8, Dogecoin hit an all-time high of 0.74 – still the current record as Dogecoin's price plummeted after Musk's appearance. Another symbolic date for Dogecoin is approaching Musk's birthday. In February, a mysterious wallet worth $2.8 billion was stolen from the company.

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