Following the Saturday Night Live episode, where Elon Musk made an appearance, Dogecoin has suffered tremendously. So what actually happened that led to Dogecoin’s fall?
Well, as we already know, a major part of Dogecoin’s popularity can be attributed to Elon Musk and his consistent tweets about it. Dogecoin has been rising for some time now, covering headlines and trending everywhere. After a lot of struggle, Dogecoin had finally found a worthy place in the crypto market.
Now, everybody was excited about the appearance of Elon Musk on Saturday Night Live. Everyone was expecting him to say something great about the meme coin. The crypto investors around the world expected either a huge rise or a huge fall in the value of Dogecoin in the crypto market. Sadly, it was the fall!
As per the script of a sketch, Elon Musk made a joke on Dogecoin, calling it a “hustle”. And immediately the value of Dogecoin dropped by 30-40% in the crypto market. It came down from a whopping $0.60 to $0.47 and kept dripping.
Dogecoin anyway has the base of a meme and internet parody. People who had bought it at huge amounts and hoarded it onto it, have somewhere become insecure after the joke.
It was pretty evident that the “hustle” remark of the Dogefather (this is what Elon Musk happily calls himself these days!) was a joke. However, Musk has been dominating market trajectories for some time now with his public and social statements. This is what has happened again.
People started panic selling and this is what has led to Dogecoin’s fall!
Let’s see what it leads to!
If you want to know about the rise of Dogecoin, read this article already!
For more such news, follow us at TheCodeWork Explore section everyday!