Dogecoin-Branded Car Crashes During a NASCAR Race

Dogecoin-Branded Car Crashes During a NASCAR Race

The American racer Stefan Parsons crashed with his Dogecoin-sponsored car at NASCAR. Interestingly, the accident of the Chevrolet Camaro coincides with the recent collapse of DOGE’s price.

DOGE’s Car Couldn’t Finish

NASCAR Xfinity Series Race in Nashville presented to the American fans another spectacle. Unfortunately, the 22-year-old Stefan Parsons couldn’t reach the finish as he crashed his Dogecoin-sponsored Chevrolet Camaro. Because of the accident, the car finished last.

Springrates CEO Sean Tylor was among the sponsors of the race car alongside other DOGE holders. Even though Chevrolet #99 crashed into the wall, the organizers from NASCAR approached the accident with a sense of humor. They referred to Elon Musk’s sympathy towards the meme coin:

”Sorry, you had to see this Elon Musk.”

Dogecoin and NASCAR share some history. Seven years ago, holders of the cryptocurrency sponsored Josh Wise with $55,000 worth of DOGE to drive his car branded with the meme coin symbol. Back then, the 31-year-old driver managed to finish the race but in the unsatisfactory 20th place. Somewhat surprisingly, Phil Parsons – the father of Stefan Parsons – was a teammate of Wise.

DOGE’s Price Crashes Too

It may not be linked together, but the meme coin’s price dumped hard shortly after the crash at the NASCAR race. DOGE traded around $0.27 on Sunday, but the market-wide crash drove it south to an intraday low of just over $0.21, meaning a substantial correction of over 20% in less than a day.

On a more macro scale, DOGE’s performance seems even more bearish. It was roughly a month ago when the digital asset reached its ATH at $0.74. Many experts claimed that the main reason for that rally was Elon Musk’s encouraging tweets regarding his favorite coin. Tesla’s CEO even referred to himself as the ”DOGEFATHER” at one point.

The Shiba Inu-inspired token was also praised by other celebrities, received recognition from global brands, and was even listed by some of the world’s largest cryptocurrency exchanges like Coinbase. These developments had a favorable impact on its price as well, but the trend reversed in mid-May when the entire market started to tumble.

As of writing these lines, DOGE struggles around $0.22, which means that it had lost roughly 70% of its value since its peak a month ago.

DOGEUSD. Source: TradingView
DOGEUSD. Source: TradingView

Featured image courtesy of Yahoo Finance

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