The great appearance of Dogefather Elon Musk played into the hands of Dogecoin opponents in particular. Meanwhile, serious crypto projects are printing new all-time highs. The market update.
The eyes and hopes of the Dogecoin community were once again on the self-proclaimed “Dogefather” Elon Musk on Saturday. As a guest presenter, the Tesla CEO made his debut in the evening on the legendary comedy show Saturday Night Live (SNL). It was already known in advance that Dogeoin would play a central role in the appearance. On April 28th, Musk dropped his famous “Dogefather” tweet – and once again helped Memecoin to jump in price.
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Dogecoin: High expectations, deep fall
The expectations of the DOGE disciples with regard to Musk’s SNL appearance were correspondingly high. The anticipation drove the Dogecoin price to a new all-time high of $ 0.73 on May 8th. Alone, Musk’s SNL appearance did not deliver the hoped-for buy signal. On the contrary: In its opening moderation, the “Dogefather” did not lose a single syllable to Memecoin. An entire format was later dedicated to DOGE in the sketch show, in which Musk repeatedly and unsuccessfully explained what Dogecoin actually was. The Tesla CEO also indicated to his mother, who was also present, that she would have to be prepared for a Mother’s Day present in the form of Dogecoin. However, this could not give the Dogecoin course any positive impulses. Even while the SNL episode was being broadcast, the Dogecoin rate lost a double-digit percentage of its strength. On May 9, the sell-off ended at $ 0.43 – a whopping 40 percent below its all-time high just the day before.
The Flash Crash played into the cards of those who had shorted Dogecoin before Musk’s SNL appearance, i.e. bet on a falling price. This includes Barry Silbert, chairman of the Digital Currency Group (DCG), which includes Coindesk and the crypto asset manager Grayscale.
In the run-up to Musk’s SNL appearance, Silbert nonchalantly announced that he had opened a short position for Doge. The Dogecoin community recommended he is now switching to Bitcoin (BTC).
Musk shoots Doge to the moon
The “Dogefather” himself warned his followers to be careful in the run-up to the performance. The day before his SNL appearance, Musk called for caution when investing in cryptocurrencies:
At the time of going to press, the Dogecoin course was able to partially recover from the SNL bloodbath. At the time of writing, DOGE is back above the $ 0.53 mark. DOGE is still trading a whopping 766 percent higher than 30 days ago.
Elon Musk has meanwhile turned his back on Dogecoin. With DOGE-1, the SpaceX boss has announced a satellite for the coming year that pays tribute to Memecoin not only with its name. The mission, which aptly aims at the moon, is also to be financed with Doge.
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So it’s no wonder that the Dogecoin rate is showing slight signs of recovery in the face of this message. However, anyone who expects another downward trend – a scenario that is still unlikely despite the recent recovery – will find some ways at this point how to capitalize on a falling Dogecoin price.
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Beyond Dogecoin: Ethereum and Cardano with all-time highs
In the meantime, it looked as if many an investor had taken Barry Silbert’s advice to heart and expanded their Bitcoin position. Digital gold received new impulses over the weekend that brought BTC closer to the psychologically significant mark of USD 60,000. While the number 1 crypto currency is working on this mark, two other top coins have recently consistently been printing new price records.
Both Ethereum and the would-be ETH killer Cardano (ADA) underpin their strong performance in recent months with new all-time highs.
Ethereum benefits, among other things, from the unbroken large growth in the Ethereum-based decentralized financial sector (DeFi). At the time of going to press, assets worth $ 86 billion were stored in DeFi-related smart contracts – a new record. Meanwhile, Cardano’s long-awaited smart contract compatibility is within reach. At $ 1.8, ADA is trading a hair’s breadth below the all-time high of $ 1.82 that the potential ETH killer only set on May 9th. In the altcoin analysis, you can find out where the journey for ADA and ETH can go from a technical chart point of view.
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