The wait among Dogecoin traders is hectic to say the least in view of the appearance of Elon Musk tonight on “Saturday Night Live”. Tesla’s number one did not fail to refer to the crypto meme on the eve of the event, sparking a new wave of purchases. The dogecoin price soared yesterday to new all-time highs in the $ 0.74 area and then retraced. Today new euphoria with current + 16% and price close to $ 0.72. The surge has been sensational since the beginning of the year: over + 14,000%. As Bloomberg points out, compared to the lows of less than a year ago, in July 2020, the doge marks over + 30,000%.
Musk in the early evening of Friday in a tweet with a photo of himself and the other two SNL guest stars – The Kid Laroi and Miley Cyrus – also included the Dogecoin mascot, a Shibu Ina, photoshopped. Shortly thereafter, the price of the cryptocurrency rose to an all-time low.
The crypto meme “is quoting more than anything else the anticipation that Musk will say something to the SNL. No matter what he says, he will disappoint because there is nothing that is good enough compared to the anticipation, ”remarks Yosef Adelman, Dogecoin’s daily trader since 2019.
Dogecoin’s market cap – the value of all coins known to have been digitally minted – is time to over 90 billion dollars, nearly tripled from last week’s $ 35 billion.
The call for caution
Musk himself yesterday tried to calm the spirits a little by tweeting: “Cryptocurrencies are promising, but please invest with caution ”.
Already last week the Tesla boss had warmed the spirits by anticipating his debut on social media as the host of the episode of the SNL comedy program by writing in a tweet “The Dogefather SNL May 8”. Among the fans of the crypto meme, the race to buy in anticipation of the show has started, hoping that Musk hints at the Doge and somehow pushes the price up. Musk has already tweeted about dogecoin several times in the past and a joking tweet mentioning the dogecoin was often enough to unleash the cryptocurrency rally.
DOGE’s face is the Shiba Inu dog, which became popular as a DOGE meme. It has literally become a “meme cryptocurrency”. Dogecoin has almost cult status in the cryptocurrency world.
Central banks in growing apprehension, bubble
The volatility of cryptocurrencies has prompted urgent warnings from central bankers. Last in order of time, the Governor of the Bank of England, Andrew Bailey, who warned investors who buy that they should be willing to lose all their money. “Investing in cryptocurrencies, or investments and loans related to them, generally involves the 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.