As of this moment doge coin (DOGE) is trading at $0.7145 USD with a total market cap of $92.6 billion USD and approx ~$3 Billion from flippening BNB and taking 3rd place in global cryptocurrency ranking by market cap. To me this is both funny and disturbing that a joke coin is literally joking around with the future of financial system.
On top of that Dogecoin’s bullish momentum is hinged on Dogefather Elon Musk’s Saturday Night Live (SNL). Fans of DOGE are reportedly planning ‘watch parties’ of the episode and could result in more gains. But sellers could be targeting the SNL episode for a classic ‘buy the rumor, sell the news’ event.
Dogecoin fans and investors are optimistic that the founder of Space X and CEO of Tesla, will do an SNL skit on Dogecoin as seen through the following Twitter conversation between Elon and crypto community member, Chris – Global Shenanigans.
Fans are going crazy over this and hashtag #DogeCoinTo1Dollar is trending on twitter in some countries with flood of memes coming in. I bet Elon Musk secretly enjoys all this and there is a fair possibility that Elon Musk will do a Skit on Dogecoin in today Saturday Night Live (SNL) and take Doge to moon again with flipping BNB if not for long than for few moments to bring joy to its doge fan base.
Well, let’s see but if at all this happens. I am sure we will have more millionaires in next few days finger crossed.
Also a word of caution here that with all analyses of Dogecoin, DOGE markets are extremely volatile since its price movements are based on social media sentiment and not technical analysis. In addition, spot markets might be a far safer option to trade Dogecoin given the possibility of a ‘buy the rumor, sell the news’ event during the SNL episode.