Dogecoin drops over 20%, Elon Musk yells 'to the moon' on SNL Weekend Update segment

Elon Musk is this weekend's host of Saturday Night Live with special musical guest Miley Cyrus. The people's cryptocurrency, Dogecoin, had rallied nearly 1100% in the past month with Elon Musk's SNL appearance viewed as some sort of catalyst. It appears this is the case, as DOGE dropped over 20% in the past hour. This is fine if you have diamond hands. Speaking of which, here's Elon Musk's SNL cryptocurrency segment from Weekend Update.

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The thinking of buying a digital coin believing it will go up almost 100% simply because an owner of a company would mention the coin on a late-night comedy show is stupid. This is not investing, it is gambling, and not even smart gambling.

Nothing against cryptos or even dogecoin but to buy dogecoin based on this reason?

Crypto currencies have always been volatile. High risk = high reward.

Bucky said:

Dogecoin (DOGE) crashes over 20%, Elon Musk yells 'to the moon' on SNL Weekend Update segment

Dogecoin holders are getting taken to the woodshed for thinking SNL was a positive catalyst for the stock. The cryptocurrency is down over 20% in the last hour, as Elon Musk carries on in New York.

www.shacknews.com

The thinking of buying a digital coin believing it will go up almost 100% simply because an owner of a company would mention the coin on a late-night comedy show is stupid. This is not investing, it is gambling, and not even smart gambling.

Nothing against cryptos or even dogecoin but to buy dogecoin based on this reason?

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Ah, yes, a jokecoin overwhelmingly owned by the top 1% of holders is clearly 'Private Stimulus' for the people, lol.

The spoilered exchange says it all really. I feel bad for the naive FOMOs being taken for a ride by massive whales who own the vast majority, largely gambling among and trying to outmaneuver each other (which is the case for the vast majority of the cryptoworld). If you can trade and time this schlock well, god bless, you'll make a mint, but when it all boils down, most cryptos (and Dogecoin especially, a perfect poster child for low interest and stimulus driven crypto froth and irrational exuberance) are fundamentally reducible to a colossal waste of energy that merely serves as yet another gambling venue for rich people that is vastly easier to manipulate than the stock market.