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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-
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%.
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.
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.
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.
In a shocking development, YouTuber Praneeth Hanumanthu has become embroiled in controversy following his detention by the Telangana Cyber Security Bureau. Initially arrested for making offensive remarks during a podcast, Hanumanthu's predicament has escalated, resulting in further allegations under the Narcotic Drugs and Psychotropic Substances (NDPS) Act after he tested positive for cannabis consumption. The Context of the Detention The origins of Hanumanthu's difficulties can be linked to a podcast he hosted, which included a conversation that many considered highly unseemly. During this episode, he made inappropriate comments regarding the dynamics between a father and daughter, igniting outrage among viewers and critics alike. This incident quickly garnered the attention of both the public and law enforcement, prompting an investigation by the Telangana Cyber Security Bureau. The primary allegation centered around his remarks, which were deemed to have crossed the boundaries of acceptable discourse. This scenario raises broader inquiries about accountability and the duties of content creators, particularly in an era where online platforms can amplify messages to a large audience. As a public figure, Hanumanthu's statements carry substantial weight, and the backlash he has encountered signifies society's increasing intolerance towards harmful rhetoric. Charges Related to Substances Things took a turn for the worse for Hanumanthu when, following his arrest, authorities opted to perform a drug test. The results confirmed the presence of cannabis in his system, leading to additional allegations under the NDPS Act. This legislation is a strict law in India aimed at combating substance abuse and trafficking. By testing positive for drug use, Hanumanthu not only worsened his legal troubles but also further tarnished his reputation. The addition of drug-related charges initiates an important discourse about the effects of substance use among influencers and celebrities. Many young individuals look up to figures like Hanumanthu, and such disclosures can have significant consequences on their perceptions and behaviors. The fallout from his actions extends beyond legal issues; it also encompasses the ethical obligations that accompany public visibility. Reactions from the Public and Consequences The public’s reaction to Hanumanthu's arrest has been varied. Many viewers voiced their outrage over both his initial remarks and his later substance use. Social media has been inundated with discussions, memes, and criticisms, illustrating the swift spread of information and opinions in today’s digital environment. Critics contend that individuals like Hanumanthu should be held accountable for their influence, particularly when it concerns endorsing a healthy lifestyle and responsible behavior. On the other hand, some supporters have rallied behind him, advocating for the necessity of empathy and understanding. They highlight the pressures that accompany being a public figure, especially in a hyper-connected world where every action is scrutinized. This divide in public sentiment mirrors a broader societal conversation about celebrity culture, accountability, and the intricacies of mental health and substance use. The Wider Picture of Substance Abuse Hanumanthu's situation is also part of a larger discourse regarding drug abuse in India, especially among the youth. As discussions about mental health and substance use become more widespread, incidents like this underscore the pressing need for awareness and education about addiction and its root causes. The stigma surrounding drug use often hampers open dialogue about the topic, leaving many to endure in silence. Moreover, the legal implications of the NDPS Act spark questions about how society addresses drug-related offenses. While the act aims to deter substance abuse, critics argue that such laws can disproportionately impact certain demographics and do not tackle the underlying causes of addiction. Conversations around harm reduction, rehabilitation, and public health strategies are increasingly relevant within the framework of these laws. Prospects Ahead for Hanumanthu As Hanumanthu navigates the forthcoming legal hurdles, his future remains unpredictable. He faces possible legal repercussions for both his unsatisfactory comments and his substance use, which could greatly affect his career and personal life. The scenario serves as a cautionary example for content creators about the consequences of their expressions and actions, highlighting the need for thoughtful engagement with their audience.…
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