Dogecoin crashes after Elon Musk’s SNL appearance. The hype train has taken a break for a while. Even though the crash is significant and is only worsening, stability is important. Cryptocurrency has for sure become an asset where many buyers want to become a millionaire overnight. In short, Yes it is possible but the gamble cannot pay always. The same reason you made a million can be the same reason you lose one.
Elon Musk has been one of the Top influencers where it’s Gaming, Space, Electric cars, etc. Cryptocurrency Dogecoin is the trend that is picking up pace and Elon is one of the biggest drivers. The currency has pumped from mere cents to almost 16834.2% as per Coingecko’s 1-year data. Dogecoin kept on pumping and has seen a downward trend since 11:30 p.m. ET/9 AM IST today.
Dogecoin and Future
Dogecoin has a reasonably fast speed in terms of transactions. The Currency is not just a coin made to Joke around and PUMP and DUMP scheme. The crypto has done a lot of Charity and at the same time is also accepted at a variety of places, check the complete list – Pay with Doge.
The problem is the no of coins and there is no cap around unlike Bitcoin and other similar coins. However, everyone knows the power of the community. If the usability and adoption keep on picking up the future is quite bright for Doge. There is a lot of news, I can’t deny or confirm but, Smart contracts are something being planned for Dogecoin.
Elon Musk is a smart and knowledgeable Individual and will never want a small individual to lose everything. The reason he keeps informing investors to invest with care, not to put life savings in crypto. The SNL appearance dump is ok for the short term. Investors shouldn’t buy or sell in Panic.