Crypto News Recap: Dogecoin Steals The Show During Elon Musk's SNL Hosting Gig

Published May 10th, 2021 - 08:00 GMT
Crypto News Recap: Dogecoin Steals The Show During Elon Musk's SNL Hosting Gig
Dogecoin (DOGE), the popular legendary meme coin created as a joke and inspired by a viral image of a Shiba Inu dog, has gone through a severe dump action despite the one and only Technoking of Tesla's shoutout during his appearance as a guest on SNL. (Shutterstock)
Highlights
Afraid that you’ve missed any news on Bitcoin or cryptocurrencies? Don’t worry we've got you covered.

As you’ve read by now, It’s officially alt season but Dogecoin is stealing the show and defying gravity as the mega-billionaire Elon Musk has unleashed a new wave of excitement throughout the market.

Aside from the hype, this leaves many of us wondering if the Dogecoin stunning surge to the uncharted territory then will huge corrective fall actually hurt the industry? Well, since the past 7 days were favorable for altcoins, analysts expect it might get a bit crazier. And I personally think it is enthralling to watch the crypto market right now!

And if all these terms are giving you a headache, check out 👉 📖 15 Crypto Terms You Must Know Before Trading!

Without further ado, read on to get a week of crypto news in a link.

Bitcoin Chart

After a week full of sudden sell-offs, Bitcoin has rebounded only 1.46% and trading now at $58,971; a price it first saw 75 days ago.

bitcoin chart

Source: coinmarketcap.com

However, according to Nasdaq, the good news is that long-term HODLers are accumulating, and "This shows that the conviction of bitcoiners is not the least bit shaken in regards to the choppy price action, and they are viewing the period of consolidation as a buying opportunity". So stay bullish traders!

Crypto Charts

Crypto chart

Source: coinmarketcap.com

Dogecoin Tumbles After Elon Musk’s Mention it in SNL

Dogecoin (DOGE), the popular legendary meme coin created as a joke and inspired by a viral image of a Shiba Inu dog, has gone through a severe dump action despite the one and only Technoking of Tesla's shoutout during his appearance as a guest on SNL.

In his monologue, Musk’s mother joked asking if her Mother's Day gift would be Dogecoin; Musk replied with a yes LOL:

During the show, the business mogul called DOGE a ‘hustle’ as a joke.  This caused a huge flood of dumping of the meme coin resulting in a 25% fall, touching as low as $0.50 from $0.66 highs before the beginning of the comedy show. 

 

As Albawaba mentioned last week, the unconventional CEO and crypto advocate has taunted his followers and crypto enthusiasts by calling himself “The Dogefather”, sending DOGE to new all time highs:

Later on yesterday, Musk’s SpaceX announced that they will accept Dogecoin as payment to launch ‘DOGE-1 mission to the Moon’ next year. The announcement actually came on April’s fool day with this tweet from the self-proclaimed “Dogefather” pumping the prices even further:

Moreover, multi-asset brokerage platform eToro and crypto exchange Gemini announced the support of the meme-themed cryptocurrency on its platform calling it a “statement as it is a currency”. Adding “Yes, it’s a meme coin, but all money is a meme”.  Now, Dogecoin is recovering fast:

However, analysts warns of a sudden impending crash of the meme coin:

Dogecoin (currently trading $0.5284) DOGE has climbed to become fourth most valuable cryptocurrency after bitcoin, ethereum and binance coin. Its current market value of $68,788 billion, makes it worth more than Nintendo, Mitsubishi. 

 

New York proposes bill to ban crypto mining for 3 years over carbon concerns

A new proposed bill aiming to ban bitcoin mining across New York has been submitted to the state's Environmental Conservation Committee for three years. 

The bill points out: “cryptocurrency mining threatens not only New York’s climate goals, under the CLCPA, but also global energy policy, such as the Paris Agreement.”

This comes a bit surprising as months ago the Kentucky legislature has approved 2 proposed bills that aim to attract crypto mining companies to the state by introducing energy and tax breaks mining operations. 

Crypto mining has always faced scrutiny from legislators reinvigorating the debate and criticism about mining energy consumption again.

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Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment


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