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DOGE Inches Closer to Flippening BNB Hours Before Elon Musk Hosts SNL

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  • Earlier today, Dogecoin set a new all-time high of $0.7376
  • The move had Dogecoin’s market cap at $94.7 Billion and approx. $3 Billion from flippening BNB
  • Dogecoin’s bullish momentum is hinged on Elon Musk hosting Saturday Night Live tonight
  • Fans of DOGE are reportedly planning ‘watch parties’ of the episode and could result in more gains
  • But sellers could be targeting the SNL episode for a classic ‘buy the rumor, sell the news’ event

Dogecoin (DOGE) is on a firm trajectory towards becoming the third most valuable digital asset according to market capitalization. Earlier today, the meme-coin posted a new all-time high of $0.7376, resulting in its market cap hitting $94.7 billion and less than $3 billion shy of flippening Binance Coin (BNB) from the number 3 spot.

At the time of writing, Dogecoin has cooled off a bit and is trading at $0.72 with $4.44 billion in market capitalization separating DOGE from the number 3 spot as seen in the screenshot below. If BNB continues to consolidate at current levels, Dogecoin only needs to be valued at $0.75 to become a number 3 coin, rather than the anticipated $0.77.

DOGE Inches Closer to Flippening BNB Hours Before Elon Musk Hosts SNL 14
Source, Coinmarketcap.com.

Elon Musk to Host SNL and Possibly do a Skit on Dogecoin

The market excitement surrounding Dogecoin is based on Elon Musk hosting the Saturday Night Live show, tonight, May 8th. Dogecoin fans and investors are optimistic that the founder of Space X and CEO of Tesla, will do an SNL skit on Dogecoin as seen through the following Twitter conversation between Elon and crypto community member, Chris – Global Shenanigans.

DOGE Inches Closer to Flippening BNB Hours Before Elon Musk Hosts SNL 16

Dogecoin Fans are Hosting ‘Watch Parties’

According to a report by Bloomberg, fans and investors of DogeCoin (DOGE) are hosting watch parties for tonight’s SNL episode.

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The enthusiasm surrounding Elon Musk hosting SNL is justified given that the show has an average viewership of between 5 million and 9 million per episode depending on the host. For example, the November 7th episode of SNL hosted by Dave Chappelle had 9.1 million viewers in the United States alone.

Tonight’s Elon Musk episode will have a significant number of viewers given that cryptocurrencies and the Dogecoin phenomenon are a global affair.

Therefore, Dogecoin could be successful in becoming a top 3 digital asset leading up to, and during, the SNL episode.

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As with all analyses of Dogecoin, traders and investors are reminded that the DOGE markets are extremely volatile since its price movements are based on social media sentiment and not technical analysis. In addition, spot markets might be a far safer option to trade Dogecoin given the possibility of a ‘buy the rumor, sell the news’ event during the SNL episode.

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Elon Musk Will Always Have Support of DOGE Community: Major Dogecoin Account

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Owner of one of major Dogecoin Twitter accounts has promised that Elon Musk’s support to Dogecoin and its community will be mutually beneficial

Dogecoin account @itsALLrisky with over 183,000 followers has tweeted that the support given to Dogecoin by the Tesla CEO Elon Musk will not go unnoticed by the community.

The Twitter user referred to it as “a mutually beneficial relationship” and has promised that the community of the most popular meme coin will always support Elon Musk.

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He posted a picture of Boris Vallejo featuring Atlantis holding the Earth. The titan has Elon Musk’s face and there’s a Shiba Inu Doge character standing behind, offering his help.

Earlier this week, Elon Musk stressed the importance of making DOGE fees drop and supported the idea of the AMC cinema giant adopting Dogecoin for payments.

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Mapping how Dogecoin can make it in the big leagues

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While Dogecoin is still considered a meme coin by many, the premise of that joke is the apparent lack of use cases. Even so, yesterday’s news did fuel some sort of hope for Dogecoin fans.

Could this be the moment that puts DOGE on the map in the big leagues? Might this be the moment Dogecoin, the “joke crypto,” finally grows up and makes it big? 

DOGEing its way up

A few days ago, AMC Theatres CRO Adam Aron conducted a poll to discuss the possibility of the theatre chain accepting DOGE for payments. Not surprisingly, 77% of the 140k voters were in support. Additionally, the DOGEfather pitched in as well and said that DOGE needs to reduce the transaction fees for the system to be viable. 

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This is true since the average fee right now is around $0.5 and even peaked at $1.3, earlier last month. The transaction fees, at the moment, are higher than the price of 1 DOGE itself, trading at $0.2.

Dogecoin average transaction fees | Source: BitcoinInfoCharts

What’s more, even though the network is capable of processing 40 transactions per second and conducts transactions worth more than $1 billion every day, it’s lacking in participation. Presently, less than 6.5% of all the addresses hold any balance. 

Dogecoin total addresses vs those with balance |

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Source: Intotheblock – AMBCrypto

Plus, a rise in investors is observed usually when DOGE is in the news or hyped because of some reason or the other. However, it soon loses that traction.

This is apparent when the UTXOs are looked at. This week alone, UTXOs for less than a day rose from 0.45% to 5.94%. On the contrary, the same for between 1 day to 1 month fell by 7.5%.

Dogecoin UTXO age bands | Source: Intotheblock – AMBCrypto

Is this behavior common?

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As a matter of fact, it is. As previously mentioned, DOGE picks up strength in moments of hype. And, this can be observed from the data obtained from social behavior as well. Social volumes were low until the AMC announcement, following which, they suddenly spiked on the charts.

Similarly, Twitter users spiked to a 2 month-high over the same period, before eventually dropping once again. 

Dogecoin social users | Source: Santiment – AMBCrypto

Ergo, for some real value to pump in, this pattern needs to be changed.

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Of late, DOGE has also seen an increase in long-term holders. That is good for the crypto’s price. However, its velocity needs to increase as well to support daily use, especially since it has been dormant since the end of July.

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Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin

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The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option. Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.” 

BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin. BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable.  When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.

And what’s not to love about Dogecoin?  After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options. Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled. 

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For those interested in using Dogecoin as a payment option – BongaCams offers wide array of helpful resources and exchange services with instructions on how to easily purchase Dogecoin online.

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