Elon Musk after his appearance on SNL live where he joked about the ‘Shiba Inu’ favored cryptocurrency Dogecoin, calling it a ‘Hustle’.
Dogecoin plunged almost 38% deep in the red zones of the candlestick after Elon’s appearance on SNL live. Random analysts blame the plunge on Elon Musks Hustle-joking about the cryptocurrency Dogecoin.
Dogecoin fell from its previous all-time high of $0.7 into the deep reds losing almost 35% and was trading on the world’s largest cryptocurrency exchange at a low of $0.4, but in less than 1 hour Dogecoin regained a few percentages climbing the candlestick and was sitting at $0.5 USD.
Elon Musk isn’t really giving up Dogecoin on his previous statement ” we’ll put a literal dogecoin to the literal moon”. He as well tweeted on the 10th of May, 2021; with the hashtags #Dogecoin #tothemoon #dogeListen on Spotify: “SpaceX launching satellite Doge-1 to the moon next year”. This came a day after his appearance on SNL live comedy show.
Elon Musk’s tweets have already received over 97k retweets, over 13k quote tweets, and over 400k likes as at the time of writing.
Amid Elon Musk’s latest tweet about Doge, exec considers Dogecoin an ‘Invaluable fad’ that will help cryptocurrency space.
Dogecoin has seen a rapid growth this year and has become the 4th largest cryptocurrency by it’s market capitalization.
Nick Spanos a pioneer of the Zap protocol and the founder of Bitcoin & Blockchain Technology space. He founded in 2013 Bitcoin Center NYC — the world’s first-ever cryptocurrency trading floor, which initially opened directly across from the NYSE in 2013. Spanos as well added that; “Doge is a fad, and is here to stay.
He also emphasized Elon Musk’s live appearance on SNL comedy show which saw Dogecoin fallback into the red dips of the candlesticks losing almost 38% in as the price dips will definitely bring in more investors to a legitimate project in the cryptocurrency space.
Analysts claims dogecoin lack utilization, this is believed to be as a result of of Dogecoins unequal distribution, production of the coin, its inflationary state and as well believed by coiners that it lacks developments due to the developers recently abandoned the dogecoin project. Although, as Dogecoin began to rise in Prominence and recognition and acceptability, the developers came back onboard.
Spanos also added; that needn’t be the reasons to ignore the utility values Dogecoin offers and also he emphasizes on the massive surge of interest the cryptocurrency Dogecoin has brought to the crypto space.
“DOGE is a powerful marketing tool, driving attention and adoption of crypto and decentralization as a concept. And in that respect, it is invaluable.”
Spanos decried the “extortionist fees, inflation and financial exclusion” regularly practiced by big banks and governments, adding that any ill-feeling aimed at Dogecoin should be directed towards those previously mentioned entities.
“I expect many people to cash in on their DOGE profits in the coming days, and this is likely to boost the wider crypto market as a lot of this money will flow into other altcoins which have strong potential instead of it being converted into fiat money,” Spanos suggested.