Crypto News - Dogecoin [DOGE] Recuperating - Still Up 800% This Month - Bitcoin News
Elon Musk's appearance on SNL assisted Dogecoin recuperate from its fall. It's still up over 800% in a month.
On Sunday afternoon, Dogecoin's price recuperated after plunging to $0.42 earlier in the day, a plunge that many analysts linked to Elon Musk's Saturday Night Live performance.
Musk's hosting gig on Saturday Night Live triggered Dogecoin's price to drop almost 40%. But in the hours that followed, it recovered rather considerably.
After a troubled day on Sunday, Dogecoin's price increased back up to 56 cents at publication time. The only negative reference to Musk was his "uncomfortable" SNL monologue and overall performance.
Yet Dogecoin's readers expressed hope in floods of messages on social media. Many boasted about purchasing a low of 42 cents on Sunday early morning.
Since 4 p.m. EST, Dogecoin's price has not yet totally recovered after a surge of 33 percent the day previously.
Musk's Texas-based SpaceX, which revealed plans to launch the DOGE-1 Objective to the Moon on Sunday, is the first-ever cryptocurrency application beyond Earth orbit, with its vice president of business sales detailing the project.
" It could lay the foundation for interplanetary commerce," SpaceX's Tom Ochinero told CNBC.
In a current video, Dogecoin YouTube character Matt Wallace stated, "The shorts are masochists - it's back to 60 cents!"
Musk tweeted an image depicting a dog barking at the moon on April 15 and sparked a discussion about the cryptocurrency.
Last month, the Mars-minded entrepreneur made his Dogecoin fans delighted by declaring, "SpaceX is putting a literal Dogecoin on the moon."
Musk's performance was connected directly to the current plunge in Dogecoin rates, the outcome of which Musk critics have been ranting about for weeks.
" Deceptive and deeply uncomfortable," was the heading in The Daily Beast's evaluation, referring to Musk's claims of having Asperger's.
Nevertheless, others argued Musk was only using the program to market his monetary interests, including the Dogecoin cryptocurrency.
Bitcoin developer Josh Jordan stated in a tweet: "I do not like Elon Musk due to the fact that he controls properties such as Dogecoin, Gamestop, etc which can ultimately harm a great deal of uninformed retail investors."