After Elon Musk's Saturday Night Live broadcast on SNL (Saturday Night Live), Dogecoin's value plummeted from record highs, disappointing investors who were trying to push the coin to $ 1.
Everyone expected that the speech of the CEO of Tesla, or as it was called Doge father, will push the cryptocurrency even higher, and not fail by almost 25%.
Last week, the popular Gemini exchange announced support for dogecoin after eToro added it to its online trading app.
According to Coinmarket, it helped increase the market capitalization to $ 70 billion and above, becoming the fourth-largest coin. This amount is more than the market capitalization of the COVID vaccine manufacturer Moderna (MRNA), as well as Ford Motor Company (F) and largest oil company BP (BP.L).
By comparison, it took Amazon (AMZN) more than a decade to provide investors with a 10,000% return, while it only took Dogecoin five months.
Since the beginning of the year, the growth has been more than 14,000%.
In addition to the support from the founder of SpaceX, Dogecoin was also supported by rapper Snoop Dogg and Kiss bassist Gene Simmons.
It can be recalled that Musk invested $ 1.5 billion in Bitcoin last February and said that Tesla may even start accepting it as payment for its products.
In a statement released by the Geometric Energy Corporation on Sunday, SpaceX will launch a DOGE-1 Mission to the Moon in the first quarter of next year. At the same time, Elon Musk's commercial rocket company will accept a cryptocurrency created by memes – Dogecoin as payment. This will demonstrate the use of cryptocurrency outside of airspace and lay the foundation for interplanetary trading.
Cryptocurrencies have been gaining more and more popularity recently after several financial institutions, as well as well-known investors, supported cryptocurrency and blockchain technologies, which led to a sharp price growth.
Such a positive cryptocurrency has attracted the attention of governments and regulators who want to hone the sector against the backdrop of growing demand.
On Saturday, the Governor of the Bank of England Andrew Bailey decided to minimize the importance of the growth in the value of cryptocurrencies. He announced that cryptocurrencies do not yet have an intrinsic value, so everyone who invests in crypto currency should understand that they can lose all their money.
The governor's comments were similar from the warnings of the UK financial supervisor.
Nevertheless, investors of all countries are not deterred by such comments.
