 |
| Elon Musk's SNL appearance fuels Dogecoin's rise |
Elon Musk gave a live demo on Saturday evening, May 8 which helped boost Dogecoin, leading to the suspension of the Robinhood trading app.
Dogecoin has risen nearly 30% on Tuesday and more than 11,000% this year, making it one of the top 10 valuable digital assets this year.
Thanks to the first increase in the currency in February, thanks to a series of tweets from Tesla CEO Elon Musk and SpaceX, one analyst said he is also responsible for the current increase.
Edward Moya, chief market analyst at Oanda, wrote that Dogecoin's rise is due to the fact that many cryptocurrency traders don't want to miss out on anything Elon Musk will achieve.
Even though Dogecoin was kidding in 2013, she has gained followers and referrals like Elon Musk, Mark Cuban, and Snoop Dogg. Celebrities strengthen their worth.
One analyst said, if there is enough community around the asset and that community decides to create long-term value by lowering the long-term delivery limit in some way, that means you are getting a valuable currency.
Dogecoin critics point out that unlike supporters of currencies like Bitcoin and Ethereum, proponents of the coin do not claim that it has intrinsic value.
Moya writes that the Dogecoin bubble must burst, but corporate interests are trying to capitalize on this momentum, which he could support.
Supporters of the rally wanted levels close to the dollar, which caused admiration and concern. Critics warn that it has all the properties of a bubble and it can burst and fall. Too many losers.
Fear of missed opportunities appears to have contributed to the rise, as many cryptocurrency traders do not want to miss this opportunity, and compared to Bitcoin, the lower value is more attractive to the public.
In the past few days and weeks, several websites have announced that they will open their doors for Dogecoin to trade on their exchanges, which will also add to its value.
Gemini announced its support for Dogecoin transactions on Tuesday. Dogecoin can also be traded on its platform through the eToro trading platform, and through the Webull platform, users will be able to purchase Dogecoin again on April 20.