After hitting record peaks while waiting for theElon Musk’s appearance on Saturday Night Live (SNL), the famous crypto meme suddenly crashed during the comedy program that aired yesterday. evening. The billionaire jokingly referred to a hustle as the digital asset that has become the fourth largest cryptocurrency by market value.
The dogecoin thus passed from the historic peaks of 0.74 dollars touched on the eve of the SNL to a low of 0.47, with a collapse of up to -30% in the last 24 hours. This morning it settles at 0.53 dollars (Coindesk data). During the violent sell-off that took place during the episode of the different SNL Robinhood users reported that cryptocurrency trading was not working. The trading platform confirmed the termination of the service which was restored in less than an hour.
Since the beginning of the year, the surge in dogecoin has been sensational + 11,300%.
Musk was repeatedly asked during about explain what Dogecoin is. After reciting more facts about cryptocurrency in the character of a financial expert, he was asked if Dogecoin was a “fuss”. He replied: “Yes, it’s a commotion”.
Musk himself in the hours leading up to the event had helped bring crypto to new heights by tweeting a photo of himself and a Shiba Inu on the set of the iconic NBC show. Musk, together with other prominent figures from the financial and entertainment world such as Mark Cuban, Snoop Dogg and Gene Simmons, has contributed in recent months to spread the unbridled trading on cryptocurrency born as a joke in 2013.
Musk’s invitation to invest with caution and the warning from the number one of the Boe
Musk himself on Friday had tried to calm the spirits a bit by tweeting: “Cryptocurrencies are promising, but please invest with caution ”.
The volatility of cryptocurrencies has prompted urgent warnings from central bankers. Most recently, Bank of England Governor Andrew Bailey warned investors buying that they should be willing to lose all their money. “Investing in cryptocurrencies, or related investments and loans, generally involves taking very high risks with investor money. If consumers invest in these types of products, they should be ready to lose all their money “, Bailey cut short, who already in 2017, when he was head of the UK Financial Conduct Authority (FCA), spoke with such tones before the value of bitcoin deflated from $ 20,000 to $ 3,112 within a year.
To the chairman of the US Federal Reserve, Jerome Powell, last week he was asked if he felt there was a risk to financial stability in trends like meme-inspired cryptocurrency. Powell replied that he thinks capital markets are “a little” frothy “and admitted that the central bank’s easy money policy may have had something to do with this.