Tech

Dogecoin Lost 25% in Less Than An Hour

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Elon Musk, who appeared on the Saturday Night Live program in the morning, did not show a move that met the expectations of the investors. Therefore, Dogecoin suddenly lost 25% of its value. The incident was a new example of the “buy the rumor, sell the news” strategy.

The most controversial currency in the cryptocurrency world in recent months Dogecoin (DOGE), He made a lot of talk about himself in recent days. The unit, which has experienced a 15.135% increase in value since the beginning of the year, set a new bar for itself yesterday morning. Dogecoin has reached the value of 0.73995, much closer to the community’s goal of $ 1.

The same reason was behind Dogecoin re-folding in a matter of days: Elon Musk. One of the most popular television programs in the world, the business man who has made the unit make new heights by sharing for months Saturday Night Live’a it was announced that he would attend. Of course, the internet world has started to expect that Musk will either refer to Dogecoin in the program or directly put it into his mouth.

The expectation turned out to be true but did not produce the intended result:

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Dogecoin was indeed commemorated on Saturday Night Live with Elon Musk, which aired hours ago. However, this situation did not happen exactly as expected. Dogecoin is by his mother instead of Musk himself.I’m excited for my mother’s day gift, hopefully not Dogecoin!”Was remembered with the sentence. The answer of Elon Musk, who did not take Dogecoin in his mouth, is “Yes (Dogecoin). It certainly is.”Was in the form.

Dogecoin, which investors invested in anticipation of the program to be prepared for a possible leap, drew a crimson candle after Musk’s words. Unit at 0.69 levels at 06.34 o’clock at 06.54 Regressing to 0.54 officially crashed. If it’s at 07:19 0.49 level seen. But Dogecoin has received an upward reaction from this level and within minutes It continues to hover around 0.53 levels. Unit degradation within 24 hours almost 25%.

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Take the rumor, sell the news strategy:

Dogecoin was the last example of this strategy that we mentioned in our article yesterday. Investors made their investments with the expectation that Elon Musk would do something about Dogecoin. If the news is that the rumor has turned it was not very satisfactory. Investors were waiting for Dogecoin a boost. However, when the expected support did not come, the opened positions were closed quickly.

Social media responses to the downfall of Dogecoin:

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Source :
https://edition.cnn.com/2021/05/09/investing/dogecoin-elon-musk-snl/index.html

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