Dogecoin and the weekend Event
The Shiba-Inu represented coin has been in the limelight when the CEO of SpaceX hosted a Saturday night show on the 8th of May and the Dogecoin army was anticipating a positive word to help the coin hit $1 but it all ended with a meme just as the coin started. The proclaimed Dogecoin CEO Elon Musk, who has been a key factor in the acceptance and growth of the coin through his tweets did not do the army justice.
Dogecoin has seen a massive growth of up 15,000% year to date. Elon Musk has called it the future of currency. Dogecoin has been mentioned to replace the dollar in the near future and it has been growing massively. Before the show, the coin had hit an all-time new high of 72 cents. Unfortunately from the appearance of Musk which supposed to change the game for the coin was not as impressive to the Dogecoin family as expected. The price started to go down from the beginning of the show. The price was at 70 cents when the show was starting and had dropped to 56 cents when the show ended and by 9 am Sunday the coin was selling at below 50 cents.
But why Elon Musk talked about the Dogecoin this way?
The Dogecoin army was expecting Elon Musk to come with Shiba-Inus and something that meant business for the coin but things headed a different direction when he didn’t show up with anything to support Dogecoin. The weekend was anticipated to be an eventful one since he first announced that he was host the show. But the previous week tweet “Cryptocurrency is promising but invest with caution” was the first thing that brought the attention that it would truly be an eventful weekend.
Would it okay if Elon Musk came through supporting Dogecoin through the whole show? His company Tesla has adopted Bitcoin as a means of payment. He has been tweeting in support of Dogecoin and he is even a self-proclaimed CEO of Dogecoin but let us go back. Elon Musk has been sued for his tweets that moved the price of Bitcoin by over 20% when Tesla acquired Bitcoin worth $1.5 billion. If he ever tried to do anything on Saturday Night Live then that could probably move the prices of Dogecoin to massive numbers and that would have left him summoned by the SEC Monday morning to answer on facts and circumstances.
To save his name from the SEC he had to play safe. He called Dogecoin “a hustle” people cannot still tell whether he was joking or serious but the consequences were felt in the price of the coin.
Look at it this way…
The coin has shed some price. That is the way cryptocurrencies works. It was time for speculations to take the path and it did very well on the Dogecoin. It was also a chance to remove some people from the market. Cryptocurrencies are not for the fainthearted am if they sold because the market was going the opposite direction then they should wait for others to reap the benefit of patience.
But the Doge army is still up. The prices are still red. We have seen a Shiba-Inu on the moon (those memes about Elon Musk) it may be heading there. There has been a major increase in the price and analysts are saying that Dogecoin is aiming higher than where it is. Keep feeding the dog and hope for a rocket to the moon.