Reshab AgarwalElon Musk’s SNL event is just around the corner, and the price of Dogecoin is soaring high. The guy has hyped the currency so much that it seems $1 wouldn’t be the stopping point for the coin. This is even though Elon said that he doesn’t think it’s wise to invest one’s life savings into Doge or any other crypto. But when greed drives investment, people don’t stop at such words. Let’s see what actually happens with the meme coin after the SNL event.
ELON MUSK. MILEY CYRUS.
THIS SATURDAY pic.twitter.com/6miGBj90XJ— Saturday Night Live – SNL (@nbcsnl) May 7, 2021
Musk’s take on crypto and Doge
Before going all in and putting everything into Doge, you must know it is not a very safe investment. Even though Elon has spoken about Doge quite a lot and has pumped it several times, it doesn’t mean Doge has a 100% safe future. In fact, Elon himself said that he does believe that crypto could be the future currency of Earth. But it is difficult to say which one will be it. Maybe there could be one or more, but at this point, taking a name of one or two will be pure speculation.
His statements on how dogecoin could be the future of the Earth and how fate loves irony have seemed to done wonders for Dogecoin. Every time the price of Dogecoin dipped, his tweets have taken it back up again. For example, after falling to 52 cents from 69 cents, Elon’s TMZ video pushed it back to $0.64 again, and now it’s above $0.70.
Will Dogecoin’s rally continue beyond $1?
Image credits: gadget.ndtv.com
The kind of pace with which Doge is rising makes it evident that $1 is soon going to be a thing for the coin. But will it rise beyond that continuing the rally is the main question for people who are planning to invest now? Well, I think at $1 there will be a heavy profit booking, and the price of doge will drop drastically. And once that happens, people will buy the dip again, and this time, the price of Doge could push past the $1 price point. And if it is able to sustain above this price, Doge could reach any price in the future.
Should you buy Doge now?
It is really risky to invest in Doge right now. But if you are planning to invest in the same, then it will be advisable to have a strict stop loss and follow it. A trailing stop loss can also be a good option in order to book profits if the price comes crashing down. If you have made up your mind on going in with the investment, don’t be late. Investing before the SNL is important as we are expecting a major pump during the time. Keep a close eye on the market and invest a sum that you are okay to lose.
What are your thoughts on Elon Musk’s SNL event? And do you think it will be able to push the price of Doge beyond $1? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: Meet Kabosu, the real face of Dogecoin