A lot of people, including me, were thinking that Dogecoin would make a huge push after Elon Musk’s May 8thg appearance on SNL. Everyone thinking that was wrong. It seems like they were really wrong. While this is a blow short term for a lot of people it is not a death blow to Dogecoin.
The anticipation of Musk appearing on SNL had build up Dogecoin. Staring out the week in the low 30 cent range building to the low 70 cent range on Saturday before the SNL show. The initial build up was what made many people predict that Dogecoin would possibly hit the magic mark of $1 a coin. After Dogecoin briefly hit 74 cents it started a slow drop in value.
Dogecoin was hanging in the mid 60’s for most of the rest of the day. This was a bit of a surprise since I really thought there would be a slight build up in anticipation of SNL later in the evening. Not only did the build up not happen the trend was going down.
In hind sight maybe we should have seen this happening. The flat line in the Dogecoin price in the afternoon should have made the thought change on how the evening was going to go.
There are a lot of stories out there that call Dogecoin a joke currency or that it was originally created as a joke. I see Dogecoin being more of a parody. I don’t really know the true intentions but it is clear that this crypto currency is making an impact.
No SNL Bump may not be a bad thing for Dogecoin
Not getting the huge bump may actually be a good thing for Dogecoin. It is clear that people were taking their profits at this point. It is hardly a surprise that people would do this. If there was a huge bump because of the show. It would have been a short lived one. People would have pumped and dumped to make a quick profit. If that had happened the drop would have been even more than what did happen.
It is unclear where this is going to go from here. It could be that Dogecoin was a flash in the pan and it is done. AFter hitting 33 cents around midnight on Saturday night it has rebounded. Shooting up and hanging around 44 cents on Sunday morning.
To say that the Dogecoin ride is over is wrong. This is still going to be a roller coaster ride. It will be interesting to see how Musk spins this after his SNL appearance. He is not the only heavy hitter out there. We know that Mark Cuban is also a backer of Dogecoin. We know that Dogecoin will continue to be in the news. It will be a fun ride to watch. It is much more fun watching this than it is betting on the lottery.
This is not an endorsement to invest in Dogecoin or any other crypto currency. This is also not investment advice. Any investing can be extremely risky.
I have been using Robinhood to invest in crypto currency. It is very easy to use and it is the only financial service I use that will let you buy Dogecoin with no fees.
You can find the running chart of the test progress here. I will update as I get back to the experiment. The Dogecoin roller coaster has led to me changing how the experiment is going.
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