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| Dogecoin dropped after Elon Musk comments |
Dogecoin fell sharply on Sunday after businessman Elon Musk appeared on the comedy TV show "Saturday Night Live".
The price of Dogecoin through Binance was only $ 0.47, down 28% from the $ 0.65 level at which it was priced.
After Musk's tweets made the previously obscure digital currency a target for speculators this year, cryptocurrency supporters are excited to know what Musk has to say.
When asked what Dogecoin is, Musk replied: This is the future of coins. It is an unstoppable financial instrument that can sweep the world.
Musk's looks and rhetoric seem insufficient, he has only used his words to uncover the root cause of the coin's rise and continues to talk about it.
This digital currency has no real application, no achievable projects or goals, and its offer is unlimited.
The CEO posted numerous comments on the cryptocurrency on Twitter and criticized the outdated public treasury system for negative real interest rates.
In February of this year he said: "A fool is a person who cannot be seen anywhere." This month's tweet about Dogecoin helped increase the bounce on the coin, which is the most popular bitcoin. Imitation of coins.
"Cryptocurrencies have a bright future, but please invest cautiously," Musk said in a tweet Thursday, accompanied by a video clip.
But he also said in the video: It is very likely that the cryptocurrency will become what he called the future currency of Earth.
Cryptocurrency tracker CoinGeckos Dogecoin rose more than 800% in the last month and is now the fourth largest cryptocurrency with a market value of $ 73 billion.
The currency reached an all-time high of more than $ 0.73 on Thursday, outperforming the widely used cryptocurrency.
Tesla announced in February that it had purchased $ 1.5 billion worth of Bitcoin and accepted it as a payment method for its electric cars. This is a big step towards mainstream adoption and brings Bitcoin to around $ 62,000.
After Tesla's stock price skyrocketed last year, Tesla stock lost momentum and brought Elon Musk's TV shows back into the spotlight.