Will Dogecoin increase again

"Yeah, it's a hustle": Dogecoin breaks in after Elon Musk's appearance at SNL

When the second richest man in the world has chosen a toy, it can be expensive for the retail investor. Elon Musk, who describes himself as "The Dogefather", has made a significant contribution to the fact that the fun crypto currency Dogecoin (DOGE) has increased in value well into the night on Sunday. As reported several times, the price of the crypto asset has climbed up to 0.6 euros (0.7 US dollars) - only to then collapse again during the broadcast of "Saturday Night Live" (SNL) by Musk.

The popular late night show on NBC with millions of viewers had Musk invited as a star guest - and the Tesla Technoking used this in advance to promote a little Dogecoin. The parody of Bitcoin was then also discussed in the comedy program. The moderators asked Musk non-stop what Dogecoin was now, in order to get only spongy statements from the repertoire of a crypto afficionado. In the end, Musk admitted, "Yeah, it's a hustle." Big surprise, so Dogecoin is a hoax.

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"Please invest with caution!"

DOGE slumped about 24 percent on Sunday morning, which corresponds to a loss of about 25 billion dollars in market capitalization at its altitude. Nevertheless, Dogecoin, technically a spin-off from Litecoin (LTC), is still a big number in the crypto market with a larger market capitalization than more serious projects like Cardano, Polkadot or Tether.

For DOGE buyers who got in very late, the slump in crypto assets naturally means losses while SNL is broadcast. In any case, if at all, you should only invest money in the asset that you are prepared to lose again. A surprising number of people have done it. In the US, the trading app Robinhood reported technical problems (once again). Apparently too many users tried to get rid of their Dogecoins at the same time.

Musk himself, who repeatedly cheered on Dogecoin with his tweets, then warned his followers shortly before the program was broadcast: "Cryptocurrency is promising, but please invest with caution!"

Dogecoin: The alarm bells should be ringing slowly