‘Dogecoin is a Hustle’-Says Musk And Dogecoin Price Slashed
Dogecoin price initiated with a steep jump since Tesla CEO, Elon Musk announced the SNL event. Despite Mr. Musk did not commit to give DOGE a mention during the event, many speculated that he would mention and hence DOGE price will soar.
The price rose from $0.3 to more than $0.6 and traded above the levels for a pretty long time. Hence the price rose consistently amid the pre-SNL event and may hit the milestone at $1 post the event.
Yet, the price flipped completely and fell into the bearish divergence as Elon Musk termed Dogecoin as a ‘Hustle’.Talking about the cryptocurrencies, Elon Musk, however explained about DOGE, but when the host asked him, ‘It is a hustle?’, Musk replied ‘Yes’.
Soon the dogecoin price crashed and tanked nearly 30% in just a few minutes, declining the profits of many.
As Coinpedia had reported earlier that many experts cautioned the negative impact of the event. And hence as predicted, the price slashed below $0.5 and trending sideways at the press time.
Also Read: Dogecoin Booster Elon Musk Warns DOGE Supporters to Invest With Caution!
Will Millions Pour In to Bitcoin?
The bitcoin price was trending sideways all the past couple of weeks, as the interest among the traders had flipped to other coins. However, it sustained above $50000 comfortably and jumped steadily.
As the dogecoin rally created many millionaires, many expected these millions of dollars will be poured into other cryptos very soon. As termed by one of the popular analysts Alistair Milne, millions of DOGE profits may be influx into bitcoin.
Step 1: $DOGE goes full retard pre-SNL
Step 2: After SNL people 'sell the news'
Step 3: Smarter traders rotate into #Bitcoin
Step 4: #Bitcoin breaks out
Step 5: Altcoin pairs vs BTC start getting hurt
Step 6: More money rotates back into Bitcoin
Step 10: #Bitcoin >$75k
— Alistair Milne (@alistairmilne) May 8, 2021
Moreover, the analyst also predicted that the bitcoin price may hit $75k if more and more money from other altcoins rotate back. Collectively, dogecoin price was severely impacted due to the much anticipated SNL event and incurred heavy losses. Despite today’s loss, will the millions which were earned well before will flow into Bitcoin, we need to wait and watch.