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Dogecoin, which plunged to 35% shortly after Elon Musk, Tesla’s CEO, appeared on Setaday Night Live (SNL), a popular American comedy program, has significantly reduced its fall and remains at a 15% drop.
◇ Falling down significantly : Dogecoin is recording 55.56 cents, a 15.36% drop from 24 hours ago on CoinMarketCap, a global cryptocurrency (virtual currency) market relay site, at 6:30am (Korean time) on the 10th.
Dogecoin fell to 46 cents, a 35% plunge immediately after the airing of SNL.
Musk was enthusiastic about promoting Dogecoin by claiming to be the’Father of Dogecoin’ in SNL, but Dogecoin collapsed.
Dogecoin, which had plunged to 46 cents, is interpreted as rising to the 55 cents level due to the inflow of low-priced buying.
At the same time, the Korean trading site Upbit also trades Dogecoin for 690 won, a 10.85% drop from 24 hours ago.
◇ Proclaiming that he is the father of Dogecoin : Musk appeared on SNL on this day and mentioned Dogecoin several times. Maersk’s mother, model and author, May Musk, at a contest with May said, “I hope the Mother’s Day gift is not Dogecoin”, and Musk said, “It’s Dojikoin,” and laughed.
In the satirical news section Weekend Update, Musk decomposed into a financial expert and introduced himself as the “dogefather of DogeCoin.” Musk responded to the question of the host, “What is Dogecoin?” Dogecoin is “the currency of the future. . It is a financial instrument that will dominate the world.”
When the host, who continued to ask the same question with an expression that he could not understand Musk’s continued explanation for Dogecoin, asked, “So is that a hustle?”, Musk joked, “That’s right. It’s a hustle,” as if resigning. .
He then shouted “To the moon!” The moon is a slang word for soaring asset prices.
However, despite Musk’s continued promotion of Dogecoin on this day, Dogecoin plunged more than 35% immediately after the broadcast.
◇ The joke of Dojicoin fraud seems to disappoint investors : Experts are joking, but they are convinced that investors seem to be reacting to Musk’s remarks that “Dojicoin is a fraud”.
Experts also analyzed that investors expected Musk to make a more Dogeco-friendly remark, and that the level of his remarks was less than expected, and disappointing sales were pouring out.
CNN analyzed that it is not clear what caused the plunge in Dogecoin, but it is likely due to the investment strategy of “buy on rumors and sell on the news.”
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