Well, let’s say “every dog has his day” and for DOGE coin, it’s finally over. After a heavy bullish run for a week now to reach $0.7 USD Saturday morning in speculation that dogecoin might become the 3rd largest by market cap flipping BNB. Everyone had eyed on Elon’s SNL event to celebrate the party of this flip can finally relax now. Days of dogecoin are finally over and for the good.
A fair share of the cryptocurrency community took to Twitter to note how incredibly brilliant all of Musk’s performances were. Many DOGE supporters quickly made bullish tweets in hopes that the asset would soar to new highs after Musk’s performance. But the opposite was the case this time as the meme coin began to take the backseat until as much as 38% of the asset’s value was lost.
In one segment Musk appears as the financial expert Lloyd Ostertag. Call me the dogefather, Musk says.
What is dogecoin, he is asked numerous times with the joke presumably being that he can’t explain what it is in a way the interviewer understands.
“Yeeeah like I said it’s a digital currency,” says Musk. Michael Che takes a dollar off his pocket: “This a dollar, it’s real.”
“Say sorta, sort of,” says Musk, adding that dogecoin is “about as real as that dollar.” What is dogecoin tho, he is asked with Musk stating: “It’s the future of currency. It’s an unstoppable financial vehicle that is going to take over the world.”
Eventually, he then says it’s a cryptocurrency you can trade for conventional money. So it’s a hustle, says Che. Yeah, it’s a hustle says Musk.
That’s it, that was the end of it. And boom dogecoin dropped by 40% from 75 cents to about 40 cents following Elon Musk’s hosting of Saturday Night Live (SNL) and wiped off over $20 Billion from the market.
For Bitcoin, you can say it’s a store of value, for ethereum you can it is the world computer. But dogecoin is an utterly useless piece of shitcoin that has no real value. All the bullish run is the result of hype and social media speculation and very few even go and research about it.
Top 20 Dogecoin addresses hold over 50% of DOGE supply. Dogecoin mostly has novice investors flood into the market, perhaps unaware of the skewed supply distribution.