The entire Dogecoin community and DOGE token holders are eagerly awaiting the Saturday Night Live show featuring Elon Musk who has promised to talk about his favorite altcoin, Dogecoin.
Dogecoin has indeed surprised the crypto community as well as analysts and traders who did not expect to see the Dogecoin price skyrocket as fast and hit $ 0.70 / € 0.58 on May 5th on Binance.
If the expected price of $ 1 is in everyone’s mind, the DOGE course was still only $ 0.01 in January 2021 !
Dogecoin has thus dislodged the Ripple XRP price from the Coinmarketcap ranking, placing itself in 4th position just behind Bitcoin BTC, Ethereum ETH and BNB.
Dogecoin has become famous around the world, and many attribute the sudden popularity to Elon Musk’s promotion on his Twitter account.
Whenever he gets the chance, he talks about Dogecoin and has even bought some for his still baby son.
What do the creators of Dogecoin think of this sudden success?
Billy Markus and Jackson Palmer are the creators of Dogecoin.
Very discretly, Billy Markus, however, mentioned on his Twitter account (Shibetoshi Nakamoto) the reasons for the sudden rise in the price of Dogecoin.
If one would expect him to quote Elon Musk, Billy Markus instead referred to the volatility of the crypto market which is ruled by emotion and sentiment according to him.
Why does DOGE fall? Same reason as why DOGE goes up. Buy and sell. That’s all.
The crypto space is ruled by emotion and sentiment.
People buy and sell for their own reasons, and those decisions drive the price.
It’s a roller coaster. It always has been. Markets gonna market. ”
Why does $ DOGE fall?
Same reason as why $ DOGE rises.
Buying and selling. That’s it.
The crypto space is ruled by emotion and sentiment. People buy and sell for their own reasons, and those decisions move the price. It’s a roller coaster. Always has been.
Markets gonna market. pic.twitter.com/tWyD805AEi
– Shibetoshi Nakamoto (@ BillyM2k) May 7, 2021
Bitcoin and cryptocurrency trading is indeed renowned for its extreme volatility, a crypto market that can generate significant gains for some but also abysmal losses for others.
“A roller coaster” as Billy Markus puts it, although Dogecoin’s gain in popularity can clearly be attributed to the CEO of Tesla who used his immense media influence to propel DOGE to the top of the crypto market.
We had already mentioned Billy Markus in a previous article, following the planetary success of Dogecoin, the co-founder said he was harassed, indicating that he no longer had DOGE tokens when many people believe him to be a multimillionaire or even a billionaire.
Dogecoin is to be expected to become even more popular with Elon Musk’s intervention tomorrow on the show Saturday Night Live.
A Dogecoin price currently around $ 0.60 / € 0.50 on Binance, a price of the DOGE token which could go up (or not) because of Elon Musk’s participation in this famous TV show.
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