The Dogefather Is On The Stage Again
Elon Musk used the nickname ‘The Dogefather‘, which was attached to him for his support for Dogecoin, in his tweet. Dogecoin gained 8 percent in just 1 hour
The cryptocurrency’s value soared after Musk’s DOGE tweet. According to Coingecko data, DOGE has gained 19% in the last 24 hours and 5% in the last 1 hour. DOGE was trading at $ 0.324112 at the time of writing.
“If you have any doubts as to whether Tesla CEO Musk’s favorite cryptocurrency Dogecoin will be part of the highly anticipated “Saturday Night Live” launch, these doubts can be considered to be gone.”
SNL May 8
— Elon Musk (@elonmusk) April 28, 2021
Why Does It Support?
The Dogefather has been tweeting about Dogecoin since last year. In order to understand Musk’s support for this money, it is first necessary to understand why Dogecoin was created. Dogecoin was originally created in 2013 to make fun of cryptocurrencies. Its creators thought people invested in every cryptocurrency without thinking. To emphasize this, a Shiba Inu dog, known as Doge, with an internet meme in its logo was used.
The Dogefather has repeatedly announced that he supports Dogecoin, precisely because of this irony. So he does not admire his technology.
The Dogefather posted the headline “The Dogefather” on Twitter, clearly referring to DOGE. He wanted to remind his followers of the “SNL” program that will take place on May 8th. Of course, the Dogecoin fan might be talking about his second studio album by his friend Snoop Dogg.
It was confirmed last week that Musk will present the SNL. Pop singer Miley Cyrus will join Tesla CEO as a music guest.
On Sunday, MarketWatch published Musk’s opening monologue, which is allegedly edited by the US Securities and Exchange Commission (SEC). This was of course a joke.
With a Market Value Of 5.6 Billion Dollars
The main reason for the increase in the number of cryptocurrency investors recently has been the expectation of high returns. However, especially before 2016, the proportion of activists who wanted to change the financial system in cryptocurrency communities was higher. While moving towards this goal, investors who liked to have a comedy element in it formed the first investor base of Dogecoin. This crypto money, which started as a joke, has reached a market value of $ 5.6 billion today with the support of Elon Musk.
Comes To The Agenda With THODEX – Dogecoin has recently come to Turkey’s agenda with the Thodex scandal. Thodex, which victimized nearly 400,000 investors, was selling Dogecoin 20-30 percent below the market price. One of the important reasons for the increase in the number of users on the platform was this discount. However, according to the latest information, these Dogecoins were actually fake.
Rise Continues In Ethereum – Meanwhile, Bitcoin, which fell to $ 47,500 over the weekend, is following a horizontal trend today after seeing over $ 55,000 for a while yesterday. Bitcoin lost 0.3 percent in the last 24 hours to $ 54,500. Ethereum, on the other hand, climbed 2 percent to over $ 2,600. Ethereum’s weekly rise thus reached 12 percent.
Positive Situations on Ripple – Ripple CEO Brad Garlinghouse made important statements regarding the Ripple case in an interview with Fox Business. Satisfied with the progress regarding the Ripple case, Garlinghouse explained his sentiment on this issue with the following statements;
“I feel really good about the progress made at court so far.”
Although court judge Sarah Netburn’s acceptance of most of Ripple’s demands created a positive perception on the Ripple wing, the case is still pending.
The SEC recently filed a lawsuit claiming that Ripple was harassing them.
Garlinghouse’s statements on this subject are as follows; “I deny allegations that a small company like Ripple could harass a large US company. The SEC, headed by Jay Clayton, has decided to open this case, and we are defending ourselves. That’s the whole point. ” said.