Everyone was hoping for DOGE’s value to pump this weekend, but instead the cryptocurrency’s crashed. The DOGE believers had hoped that the virtual currency’s price spike during Elon Musk’s Saturday Night Live appearance. But, on the day quite the opposite happened; instead of the rise, the price of the meme-inspired cryptocurrency dropped.
Elon Musk has quite literally become the Dogefather, as he had been highly influencing the rise and drop of virtual currency. In the beginning of the year, the digital coin traded around 1 cent or even less, but now the price has crossed the 70 cents mark. Musk frequently tweeted about the cryptocurrency, thus claiming his support and ultimately driving to the price pump.
The Tesla mogul announced on April 28 that he would be appearing on Saturday Night Live on May 8. This announcement hyped the investors and also seemingly pumped the coin’s price value. DOGE’s value continued to rise the following days after Musk announced that he will be hosting SNL. Also, DOGE believers were confident that the coin will soar high during Musk’s SNL appearance.
However, they were wrong. The cryptocurrency didn’t soar, instead crashed. Before the show started airing and during the initial few moments, the price of DOGE rose and reportedly crossed 70 cents. When the show progresses, the value dropped and no one saw that coming. As of writing this, the cryptocurrency is currently trading at $0.43, which is a massive 32.5% plunge in 24 hours.
Analysts warn that the coin will now continue to fall down
Following Musk’s appearance, several exchanges reported that they were experiencing issues with cryptocurrency trading. The report suggested that the reason behind was due to the crashing of DOGE. Investors expressed their frustration on Twitter, where one user wrote that he was watching cringe jokes on SNL while his portfolio continued to plummet. During the show, the cryptocurrency’s value dropped from 66 cents to just 50 cents.
at least the dogecoin prices are funny pic.twitter.com/L4Cu4JV6Sc
— Ashley Feinberg (@ashleyfeinberg) May 9, 2021
Traders were hoping the cryptocurrency to hit the one-dollar-mark this weekend, but that didn’t happen. However, the traders online campaign #DogeToTheMoon is still trending and investors are pushing towards it. However, the analysts have expressed concern over the future of cryptocurrency. Multiple analysts suggested the investors not to invest life savings on DOGE, and if they have already invested, analysts asked to sell before it gets worse.