Dogecoin: 28% of this currency broken by what Elon Musk said in ‘SNL’?
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Dogecoin made a profit of 18000% for investors in just 4 months.
The cryptocurrency Dogecoin, which has been making headlines due to the recent big boom, has now shocked investors. In just a few hours, the currency of this currency has seen a big drop of around 28%. The talk about this cryptocurrency by Elon Musk at the comedy show Saturday Night Live (SNL) program is being considered as the reason for the decrease in prices. Let’s understand this change in the price of Dogecoin-
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The boom of Dogecoin surprised everyone. Starting at .4 cents at the beginning of the year, this cryptocurrency had risen to over 73 cents on May 8. In this way Dogecoin made a profit of 18000% for investors in just 4 months. Due to the huge boom, this currency was being considered in the bubble by many experts. Considering the potential benefits from Elon Musk’s mention of Dogecoin in SNL, investors had bought it fiercely. However, this could not be done. The price of Dogecoin was around 65 cents before the program. After the end of the show, it quickly dropped to 46 cents, weakening by 28%.
What Elon Musk Said:
Elon Musk has been an open supporter of Dogecoin as well as Bitcoin, the world’s most popular cryptocurrency. Musk’s tweet has increased the prices of Dogecoin many times. This time on Saturday Night Live, Musk was expected to make a statement supporting this cryptocurrency. Musk’s mother said on the show that she is excited about the Mother’s Day gift and hopes that it will not be Dogecoin. Musk responded by saying that it is Dogecoin.
Asked about Dogecoin during the show, Musk described it as the future of currency. After this reply, Michael Chi asked if this is a hustle (struggle). Musk answered yes and started laughing. The drop in Dogecoin prices is believed to be called its ‘hustle’.
Even before appearing on this show, Musk had tweeted that there is a future in cryptocurrency, but please invest carefully. With this, the prices of this meme-based crypto started to decrease.
Cryptocurrency is promising, but please invest with caution! https://t.co/A4kplcP8Vq
— Elon Musk (@elonmusk) May 7, 2021
Why Dogecoin climbed so fast:
There are several reasons behind the rise in the prices of Dogecoin. At the beginning of the year, where this currency was climbing mainly with support from Elon Musk’s tweet. At the same time, the listing of the crypto exchange Coinbase last month gave a boost to Bitcoin, as well as Dogecoin.
Elon Musk was once again instrumental behind the recent boom. Musk was expected to make a positive reference to Dogecoin at the Saturday Night Live show. Due to this, there was a possibility of a rise in prices, which saw a spurt in purchases. Listing on some new exchanges has also contributed to its rapidly rising prices.
Get to know Dogecoin better:
Like Bitcoin, Ethereum, Binance Coin, Dogecoin is also a cryptocurrency. The specialty of cryptocurrency is that it is not concentrated in the hands of any government, institution or individual.
Dogecoin was started in 2013 as a joke by two IBM IBM software engineers, Billy Markus and Jackson Palmer. It was a sort of sarcasm at the fast-growing new fraud cryptocurrency at that time. For this reason, the name and logo of Dogecoin was also derived from a popular mem ‘Sheeba Inu’. There is no upper limit on the circulation of Dogecoin like bitcoin. The number of bitcoins cannot exceed 21 million, while more than 100 billion are already in the Dogecoin market.
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