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Thursday, June 17, 2021

Dogecoin Dumps After Shout-Out From Elon Musk On SNL

While the entire crowd enjoyed the performance of Elon Musk, the traders of Dogecoin soured on him. On SNL, Dogecoin, a meme cryptocurrency, finally received its shoutout. However, the immediate effect of it was in the form of a very violent dump. After getting teased by Elon Musk, Dogecoin cheerleader and entrepreneur, the CEO of Tesla finally managed to mention this digital asset tonight in front of the live television. 

Musk Asks His Followers To Invest In Dogecoin With Caution

It all happened inside the opening monologue of Elon Musk in his comedy show. Musk’s mother brought it up as a reference in the form of throwaway dialogue. She asked what gift she would get on Mother’s Day. Then, she assumed it to be Dogecoin, which Musk later affirmed. After a few minutes of this incident, the price of DOGE jumped by around 25%. It fell from a high of $.66 at the beginning of the show, to $0.50 at the end of the show. However, after some time, it has managed to recover.

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At the moment of its publication, it was trading at around $.52. Almost one hour before this particular episode began, DOGE’s price stood at $.66. It already decreased from the price of $.72, which is its high of all times. The pullback might be a result of a couple of bearish headwinds. Musk tried to get rid of the hype. 

He asked his followers to invest in Dogecoin with extreme caution. However, new data from several hosts indicate that various investors will be rolling the profits of Dogecoin into several large-cap assets. Many investors of the currency were hoping for a shoutout from a high-profile investor. It all appeared to be a major event celebrating pop culture.  

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