Dogecoin slides 28% after Elon Musk gives up his support for it, when he appeared on the Saturday Night Live comedy TV show.
Dogecoin was priced as low as $0.47 via Binance, down 28% compared to $0.65 before the TV show.
Cryptocurrency supporters were excited to know what Musk might say after his tweets this year turned the previously obscure digital currency into a target for speculators.
When asked what Dogecoin is, Musk replied: “It is the future of the currency. It is an unstoppable financial instrument that could take over the world.”
But, It seems that the appearance of Musk and his statements were not enough, as he did not reveal the fundamental reasons pushing the currency to rise.
This digital currency does not have applications in practical life, it does not have a project or an achievable goal, and its supply is unlimited.
The CEO posted numerous comments and posts about cryptocurrencies on Twitter and criticized the usual old cash system for having negative actual interest rates.
His tweets about the Dogecoin in February helped spark the coin’s rally, created as a parody of the most popular bitcoin.
“A fool is someone who doesn’t look anywhere else“
Dogecoin on cryptocurrency tracker CoinGecko jumped more than 800% over the past month, and it’s now the fourth-largest digital currency, with a market capitalization of $73 billion.
“The cryptocurrency has a good chance of becoming the future currency of the Earth“
Dogecoin hit a record high on Thursday above $ 0.73, surpassing the widely used cryptocurrency.
Tesla said in February that it had bought Bitcoin worth $ 1.5 billion and was accepting it as a form of payment for its electric cars, a big step toward mainstream acceptance that sent Bitcoin to a record high of around $ 62,000.
Urgent: Elon Musk tries to heal Dogecoin
Later today, Reuters news indicated that Elon Musk’s SpaceX would accept DOGE / USD payments for a trip to the moon within the following year.
The company will launch the “Doge Mission 1 to the Moon” during the first quarter of 2022, and the company accepts payments in Dogecoin.
Despite the substantial decline today, the Dogecoin is still up by more than 66% since the beginning of the month. From the beginning of the year until today, and maintained its fourth position among the five largest digital currencies by market value.
Elon Musk tweets: ” SpaceX launching satellite Doge-1 to the moon next year.
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space
To the mooooonnn!!