The price of dogecoin has skyrocketed as the hype grows ahead of Musk’s highly anticipated appearance on the Saturday Night Live (SNL) comedy show, while analysis revealed exactly how much three stimulus checks were worth now. if they had been used to buy dogecoin.
As dogecoin traders and investors cram the token based on memes ahead of SNL, betting odds revealed there was a 40% chance that the price of dogecoin would climb to $ 1, even after Musk warned. people to “invest with caution”.
With Musk repeatedly recalling his SNL debut over the past week, there’s now a 98% chance billionaire Tesla will mention dogecoin on the show, according to odds released by online bookmaker MyBookie. On Friday night, Musk shared an image of himself, singer Miley Cyrus and Australian rapper The Kid Laroi with Dogecoin’s dog Shiba Inu pictured alongside them on Twitter with the caption: “Guest with …”
The price of dogecoin, already up 17,000% so far this year, was found to have a 40% chance of rallying to the closely watched mark of $ 1 per dogecoin token by Monday morning, i.e. a 42% increase from its current price of around 70 cents.
The dogecoin frenzy, spurred by Musk and fellow billionaire Mark Cuban in recent weeks, has been largely fueled by retail traders hoping to get rich quick. Traders and investors began pouring money into dogecoin in January of this year amid a memes-led stock rally that saw the price of GameStop stock skyrocket.
Cependant, Musk a warned this week, while he thinks “the cryptocurrency is promising”, people should “invest with caution” – commenting via Twitter on a YouTube video from TMZ titled: Elon Musk says Dogecoin could be the future of cryptocurrency.
With this week’s dogecoin price hike briefly pushing memecoin into the top three cryptocurrencies, behind only Bitcoin and Ethereum, many in the crypto community have warned people not to get carried away.
“The reason people like to invest in cryptocurrencies like dogecoin is because they feel they can turn their investment into a much larger amount in a short period of time,” said Adam Morris, co-founder of the site. Crypto Head Cryptocurrency Education Web, in email comments.
“While this is one of those investments that could turn out well in the short term, this gambling mentality results in poor long term investment decisions. But, when it rose 1260% in the past month, you can see why retail investors would be drawn to investing. . ”
“Dogecoin investors are basically betting that they will be able to cash in by selling to the next person who wants to invest,” David Kimberley, analyst at the trading and investing app Freetrade, said via email.
“The latest dogecoin price hike is not indicative of the significant value the cryptocurrency offers, it’s just a surge in interest from people looking to get rich quick. It can be a fun bet, but it’s not a good investment. if you’re the only one holding the coins when the market is in full swing, you may regret getting kicked in the first place. ”