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Could Elon Musk's SNL Hosting Tank Dogecoin Price With Profit-Booking?

May 5, 2021 6:35 am
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Could Elon Musk's SNL Hosting Tank Dogecoin Price With Profit-Booking?

Speculations are rife over whether Tesla Inc (NASDAQ:TSLA) CEO Elon Musk's “Saturday Night Live” episode will feature Dogecoin (DOGE) or not, and the joke cryptocurrency's price is spiking to a new all-time high every day.

What Happened: Musk will host the variety show on Saturday, even as DOGE is already on its way to the moon. The cryptocurrency hit a fresh all-time high of $0.6953 in the early hours of Wednesday.

Last week, Musk had tweeted “The Dogefather” which set the meme cryptocurrency on its latest upward journey. 

Since the Apr. 28 tweet, the cryptocurrency has soared 144.44% and since the beginning of the year, the gain has been a whopping 13,955.42%.

See Also: Bitcoin vs Dogecoin 

At press time, DOGE traded 51.21% higher at $0.66 in a 24-hour period and has shot up 151.16% on a seven-day trailing basis emerging as the fourth-largest cryptocurrency by market capitalization. 

The fantastic run-up of DOGE is begetting the question of whether investors will resort to profit-taking around Musk’s appearance on Saturday Night Live, given the epic run.

Why It Matters: DOGE’s current market capitalization of $89.7 billion already exceeds the likes of Snapchat parent Snap Inc. (NYSE:SNAP), General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F), Roku, Inc (NASDAQ:ROKU), and DoorDash, Inc (NYSE:DASH).

Meanwhile, the apex cryptocurrency Bitcoin (BTC) had a market cap of $1.02 trillion at press time. BTC traded 1.84% lower at $54,871.20.

Musk has promised that he will “definitely” say something on the "Dogefather," a portmanteau of DOGE, and the classic film “The Godfather,” during the SNL episode.

While the content of the show and the skits is anyone’s guess, Musk has not always been successful in pushing the price of DOGE higher.

Dogecoin is hovering in the overbought territory with a Relative Strength Index (RSI) of 81.58, as per Coinalyze data.

The RSI, a momentum oscillator, measures the speed and change of price movements. It is scaled between 0 and 100. RSI above 70 is typically classed as overbought and under 30 as oversold. A mention could cause an immediate bump, as noted previously, but the lack of such an event could also result in immediate profit-booking.

However, there has been a significant transfer of DOGE from older hands to newer ones, according to a report by Galaxy Digital Research’s Alex Thorn.

See also: How to Buy Dogecoin (DOGE)

This shift in ownership might also insulate DOGE against profit-taking as the new breed of investors may be inclined to hold.

Read Next: Dogecoin Co-Creator Sold All His Coins For Just Enough To Afford A Used Honda Civic In 2015 — Now DOGE Is Bigger Than Honda

Photo by Steve Jurvetson on Flickr

 

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