Crypto Market : Saturday night could make or break Dogecoin
Dogecoin buyers are hanging their hopes on Saturday night.
Well, Saturday Night Live, to be exact. Elon Musk, the chief executive of Tesla, SpaceX, and, sometimes, jokingly, Dogecoin, is set to appear on NBC’s comedy sketch show this weekend. Cryptocurrency enthusiasts and speculators are waiting with bated breath for the episode; they expect the on-and-off-again world’s richest man to mention the so-called meme-coin on air, potentially causing its price to move. That could mean lots of pain—or euphoria—for investors, and likely heaps of both, depending on which side of the trade one falls.
Dogecoin is a funny-money cryptocurrency whipped up on a whim in 2013 by programmers who have since abandoned the project. The price of the Shiba Inu dog-inspired Bitcoin-knockoff has rocketed 13,500% to roughly $0.60 per coin since the beginning of the year, as my colleague Lance Lambert has chronicled. The froth has attracted interest from—and been propelled by—an odd assortment of celebrities in recent months, from the owner of the Mavericks NBA team Mark Cuban to foodie Guy Fieri to rapper Lil Yachty.
Musk has delighted in fanning the flames of the mania, tweeting jokes about Dogecoin for months—years even. If Musk’s tweets have been red meat for ravenous $DOGE fans, then his April 28 post about his upcoming SNL appearance could be considered, for a certain kind of speculator, the finest slab of Wagyu beef. He wrote, enticingly: “The Dogefather SNL May 8.”Goaded a few days later by a fan to do “Summin about The DOGEFATHER” for an SNL skit, Musk replied, “Definitely.”Dogecoin is benefiting from a perfect storm. A new generation of day traders—steeped in irreverent Internet culture and freshly stocked with free stimulus money—is piling onto the joke in hopes of easy returns. A combination of pandemic lockdown-induced boredom, zooming cryptocurrency prices, and retail-driven GameStop stock run has poured fuel onto the fire.
There’s no question Musk’s upcoming SNL gig is feeding the Doge frenzy. Online forums are brimming with anticipation about his guest appearance. Many instigatorson Reddit, Twitter, and elsewhere are calling for their peers to drive the price up to $1 per coin, and to hold the line once it reaches that milestone. “DOGE might dip because of the SNL hype,” warns one Redditor, who goes by the alias Soggy_Substance4352. “If this happens, do not panic sell like I did. Just HOLD and have faith that it will rise again as it has multiple times in the past.”
The calls for solidarity are interspersed with stories of people who have already cashed out. One person claimed to reap a quick 30% profit. Another person implied that Doge-trading enabled her to splurge on the purchase of a bedframe. Others commiserated about plans to pay down credit card debt. “It’s held me back from my goals for years, I’ve cried over it but have been slowly chipping away,” someone said. “Exact same situation. Hold strong brother/sister,” consoled another.
If enough people sell their Doge, the price will collapse in a hurry. But the allure of a get-rich-quick opportunity, however risky, continues to lure possible latecomers to the party. “Just sold $25,000 worth of Bitcoin and bought Doge…oh baby!” announced BoosterBaby99 this week. “Lets’ go to the moon together!”