• Musk’s tweets have added value to Dogecoin.
• Musk also invests in Bitcoin and uses it for payments at Tesla.
Dogecoin catalyst Elon Musk has alerted traders to be wary of the crypto ahead of the SNL show. The event “Saturday Night Live” will be presented next weekend.
Musk has posted many tweets about this for his followers to take precautions. This businessman has consistently opined that people should not invest their life savings in cryptocurrencies because it would be reckless.
But cryptocurrencies have become a good source of investment globally, although much of the business is unknown. A prolific currency has not arrived yet; it can be Bitcoin, Ethereum, Litecoin, Ripple, or even Dogecoin.
This warning from Musk happened instantly when Dogecoin soared to 60 cents per token. They could be signs that something is wrong; perhaps the DOGE bubble is about to explode, destroying investors’ holdings. By the figures that CoinDesk handles, Dogecoin has risen 10,400% since the beginning of the year.
In recent days, the remarkable Doge price is due to the opening of “SNL” with Elon Musk. This debut will be called “The Dogefather SNL May 8” and was announced on the 28th of April.
Opinions about Dogecoin
Cryptocurrency analysts speculate that Musk’s appearance on the show will raise the DOGE value. The cryptocurrency has risen in value because investors don’t want to miss the spike that will occur after the show. These forecasts can be encouraging for traders, although they remain uncertain at a general level.
Musk has been promoting Doge for months, attracting the interest of other cryptocurrency investors. Since Musk’s last tweet, the Doge price has skyrocketed by an extra 20%.
Musk and his Tweets about Dogecoin
Opinions like “The Dogefather” attract the masses and result in increased Doge value. Only Musk has gotten the cryptocurrency skyrocketing 50% with his explosive tweets.
Although Musk admits that the tweets regarding Dogecoin are a joke, its value continues to rise. The cryptocurrency is going through a price bubble that benefits the merchant population. Perhaps without Musk’s support, Dogecoin would be just any other currency in the decentralized market, but Elon has granted it a privilege.
by Saturday, the 8th of May, Doge can take off to the moon, as Musk jokingly put it, or stay in value. Speculation is mixed, but what is known is that Dogecoin may turn for the better next weekend.
In February, the leading automobile company Tesla announced that it obtained 1.5 billion dollars in Bitcoin. With this announcement, the company notified that it would accept cryptocurrency as a payment method. Doge has not only gained power with Tesla because Bitcoin is also in its speculative focus.