DOGE performed poorly over the weekend. Some analysts believe that the drop in market prices might have been caused by its Dogecoin-themed race car that crossed the finish line sideways, an event that appears to serve as a perfect metaphor for DOGE’s weekend performance.
A Dogecoin-donned race car spectacularly hit the wall on Saturday which consecutively attracted the same effects in the Dogecoin markets.
On June 19, the National Association for Car Auto Racing (NASCAR) Xfinity Series Race in Nashville ended in disaster for the Dogecoin sponsored car. Stefan Parson, the driver of DOGE emblazoned Chevrolet race car, accidentally smashed into the wall on lap 70.
The #dogecar has crashed. 😢
TV: NBCSN pic.twitter.com/eCb1PosOI3
— NASCAR on NBC (@NASCARonNBC) June 19, 2021
The loyal fans of DOGE had leveled-up for the race, with the ‘#dogecar’ hashtag trending on Twitter in the lead-up to the June 19 event. Photos of the number 99 race car featuring the iconic Shiba Inu plastered across the vehicle’s hood were shared with gusto.
But, following the accident, the Dogecoin car finished the race in the last place. Despite the loss, the meme crypto fans were grateful for the coverage.
— Michael King #Dogearmy #Dogecoin (@mandm159) June 19, 2021
Consequently, DOGE did not fare up so well either. The meme coin plunged 14% over the weekend in a fall from roughly $0.30 to a Sunday low of nearly $0.26. DOGE has lost 30% over the past fortnight and is currently bottomed 64% from its all-time high of $0.75 recorded on May 08.
June 19th event was not the first occasion Dogecoin’s famed cartoon pooch appeared on the hood of a NASCAR vehicle. In 2014, driver Josh Wise ran at Phil Parson Racing, when he drove a DOGE-themed car Number 98 during an initiative scheme that raised $55,000 DOGE donations on Reddit for its entrance.
The sponsorship deal for the car that raced on June 19 was first announced in March by BJ McLeod Motorsports. Driver Stefan Parsons, whose father owned the team for the first Doge-sponsored race car back in 2014, remarked:
“Having the opportunity to run a scheme that has an incredible story from my Dad’s race team is something I am so proud to do.”
Some proponents say that DOGE will replace Bitcoin at the top in the coming years. But, with this crash, a lot needs to happen before Dogecoin gets to the top.