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My Thinking for Dogecoin: Either Exploding Or Crash
Dogecoin investors have pinned their hopes on Saturday night, May 8.
Elon Musk, who is said to be the CEO of Tesla, SpaceX and jokingly Dogecoin, is preparing to appear on NBC's comedy sketch show SNL (Saturday Night Live) this weekend. Cryptocurrency enthusiasts and speculators hold their breath for the episode to be broadcast. They expect the richest man in the world to mention Dogecoin on the stream, potentially causing its price to move. I think this could mean a lot of pain or joy for investors, depending on which side the direction of the Dogecoin price will be.
Dogecoin came out as a joke in 2013. Its developers had abandoned the project ever since. Until Elon Musk popularized Dogecoin again.
The price of the Shiba Inu-inspired Bitcoin copy of Dogecoin has risen 13,500% to about $ 0.60 since the beginning of the year. Doge has been attracted and encouraged by many celebrities in recent months, from Mavericks NBA team owner Mark Cuban to gourmet Guy Fieri and rapper Lil Yachty.
Musk is delighted to fuel the flames of this madness by posting humorous tweets about Dogecoin for months or even years. Elon Musk wrote in his tweet, which implies that he will feature Dogecoin in SNL, which will be released on May 8, last: "Dogefather SNL May 8".
Dogecoin and its investors benefit from a great wind. Day traders who grew up with the internet culture and trade with free incentive money, especially in countries like the USA, have flocked to Dogecoin in hopes of making easy and fast money. The boredom caused by the pandemic closure also seems to have poured gasoline into the fire.
There is no doubt that Musk's upcoming SNL sketch is fueling the Doge craze. Expectations for the evening of May 8 are quite high in forums on the Internet and social media platforms such as Twitter. Many people on Reddit, Twitter, and other platforms want other people to pull the price down to $ 1 and keep Doge at that level when it reaches this milestone.
Doge may crash due to SNL
Of course, not everyone is pumping up the hopes with the Doge. For example, a user on Reddit said, “I want to share a very real expectation of what will happen to all new Dogecoin investors this weekend; DOGE may sink due to SNL, ”he warned.
Warning “If this happens, don't panic like I did. Just HOLD it and believe it will rise again as it has been many times in the past ”.
Such calls for solidarity on the forums are full of stories of people who have already made money. A person claims to gain 30% quickly. Another person says he is planning to pay off his credit card debt. Someone else says he lost all his money. The other consoles by saying "let's stand strong" ..
One should not be fooled by this hype on internet forums. Experts warn investors against highly volatile assets such as Doge and Safemoon. It is possible to lose all savings overnight.
If enough people start selling their Doge, the price drops rapidly. However, the allure of getting rich-quick continues to attract latecomers to the party, no matter how risky.
The SNL broadcast will be a "moment of fate" for Dogecoin as opposed to the fake Doge Day scheduled for April 20 (and mostly a fiasco -20% drop).
The SNL, which will air on Saturday night, will pass in the form of laughter, laughter and entertainment for many people who are not crypto-related and regular viewers.
We will wait and see the result together. I hope it will be a good investment for everyone. Lots of money for everyone.