Dogecoin Tumbles After Elon Musk Calls It A ‘Hustle’ On ‘Snl’ Show
Elon Musk is the rare business mogul who has been asked to host a venerable comedy TV show. The value of the dog coin has plummeted after he described it as a ‘buzz’ on Saturday Night Live, one of the world’s most popular television shows.
Investors sold dogecoin to boost the value of the cryptocurrency in advance – right up to Musk’s SNL appearance after he spoke about it on the show. It had started trading at about 70 cents on Saturday, but was trading at just $0.47. It sold for about 66 cents on Saturday night, just before SNL disappeared from the air at 11: 30 pm ET.
Cryptocurrencies are notoriously volatile, but Dogecoin has soared this year, rising more than 1,000% last month.
The unconventional CEO has posted numerous comments on Twitter about cryptocurrencies and criticised common old cash for negative real interest rates. The timing puts Musk back in the spotlight as Tesla shares lost momentum after last year’s monster rally. This month alone, it has risen by more than 800% and has risen by more than 1,000% against the US dollar to date.
Dogecoin, the fourth largest digital currency, has been launched in recent months as the rally in Dogecoins has created a parody of mainstream bitcoin and ethereum. DogeCoin is “the people’s crypto,” and he often tweets about the cryptocurrency and can easily drive it up. Just last week, it jumped more than 800% against the US dollar in just a few hours, and is now the world’s second largest cryptocurrency after Bitcoin.
Dogecoin started in 2013 as a parody of the Doge meme that was circulating on the Internet at the time, and began with the Doge meme that has been circulating all over the Internet ever since.
The Tesla CEO gave the holders of dogecoin a good reason to bet that he would use the show to promote the cryptocurrency, and the value of the token subsequently rose. It’s no joke anymore, according to Coinbase, there are more than 1.5 million active users of the digital currency on the platform.
In December, a single dogecoin would have cost about a third of a cent, but it has since settled on about half of that. Both Dogecoin and Tesla traded higher in anticipation of Musk’s SNL appearance.
Some try to capitalize on investors “predictions by selling high prices, but they are more likely to buy rumors than sell the news.
Stock exchange trading platform Robinhood tweeted that its platform was experiencing problems with the cryptocurrency, suggesting a rush. Dogecoin traded at a high of more than $1,000 a coin before it announced early Sunday morning that it had a problem processing cryptocurrency transactions and was working to resolve the issue.
Musk then stepped up two minutes later to explain to hosts Michael Che and Colin Jost during the “Performing Arts” that the current boom in the cryptocurrency Dogecoin is a “mess” and not a sign of a real global use of the cryptocurrency.
That’s frankly a pretty good Dogecoin explainer, and the insta ratings of the Dogecoin faithful are not bad. Suppose every cryptocurrency enthusiast today would like to know what he or she would reveal, what standard cryptocurrencies – memes – are, Musk picked up when he called it a hubbub on network television, as the coin quickly made up for its losses. As yr tweeted, yr became a speculator’s dream, y’all turn into a speculator’s dreams.
Musk is an unusual tycoon who was asked to host a comedy TV show, and he was the only one of them. Asked what was behind Dogecoin, Musk replied: ‘It’s a way that’s ahead of foreign money, but it’s still a currency.
The timing puts Musk back in the spotlight after Tesla’s stock lost steam after last year’s monster rally, closing at a new all-time high of more than $1,000 a share. Tesla shares have lost steam in recent weeks after a monster rally that ended last week with a record high above $2,500 a share.
The unconventional CEO has posted numerous comments on Twitter about cryptocurrencies and criticised common old cash for negative real interest rates. Dogecoin, the fourth largest digital currency, has sparked its own rally, creating a parody of the mainstream of bitcoin and ethereum. According to CoinDesk data, it has risen more than 800% in the past two weeks and is now the people’s crypto with a market capitalization of about $1.5 billion.
In this illustration, taken on April 20, 2021, a small toy figure with the Dogecoin logo is seen on a computer screen in front of a Bitcoin logo in New York, USA, in this photo illustration. Do Geocoin declined on Thursday, trading at $0.47 for cryptocurrencies, according to CoinDesk.
The show is hosted by the boss of billionaire Tesla Inc and will be hosted by his government for the first time on Saturday night, according to the show’s official Twitter account.
