Let’s have a laugh at this weeks memes.
Tune in next Friday for more meme mayhem!
Elon spoke about Dogecoin in character on NBC Saturday Night Live TV Show (SNL) on 8 May, playing a fictional financial analyst – Lloyd Ostertag.
When asked “What is Dogecoin?” Elon replied:
It’s the future of currency […] It’s an unstoppable financial vehicle that’s going to take over the world.
Elon Musk
He went on to say:
It’s a cryptocurrency you can trade for conventional money.
Elon Musk
Finishing up the skit, Musk jokingly said that the cryptocurrency is “a hustle”, then he howled, “to the mooooooon!”
The episode aired on May 8th and received the third highest ratings for the show so far this season. SNL has over 10 Million viewers and for the first time ever, the show was also live-streamed on YouTube in more than 100 countries; however “The Dogefather” himself was not enough to sustain the uptrending price of Doge.
Dogecoin (DOGE) fell off a cliff mid way through Elon Musk’s appearance on national television. The coin dropped sharply in a matter of hours, crashing from around $0.73 USD to around $0.43 USD.
Dogecoin’s price action saw a steady pump in the week-long run up to Musk’s SNL appearance, as some buyers loaded up their bags to ride the hype and take advantage of the memecoin’s volatility. But as they say “the higher they rise, the harder they fall”. Just as quickly as Dogecoin’s price pumped, it dumped even faster, as investors rushed to cash in, selling off to take profits.
Perhaps not so coincidentally, popular trading apps Robinhood and Binance experienced problems midway through the program, trapping unwitting noobs by preventing access.
Who knows, one day perhaps Dogecoin will literally go to the moon.
Shiba Inu coin is trading in an uptrend like many other altcoins. The Cryptocurrency SHIB just went up +700% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +1600% in 30 days.
Shiba Inu is an experiment in decentralized spontaneous community building. Nicknamed the Dogecoin Killer, SHIB is a ERC-20 only token which has been listed and incentivized on decentralized exchange ShibaSwap, Binance and Uniswap and some other crypto exchnages.
At the time of writing, SHIB is ranked 19th cryptocurrency globally and the current price is $0.00003537 AUD. Let’s take a look at the chart below for price analysis.
Looking at the above chart, SHIB was trading sideways and broke out from the rising wedge pattern on the SHIB/USDT pair. The first resistance was on the $0.00001275 AUD price levels which SHIB broke with a strong bullish trend and buying volume. It is now heading towards the next resistance near all time high price levels. SHIB could continue the uptrend after getting listed on Binance exchange today with many other altcoins waking up bullish this week.
A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.
Larry Swing on Investopedia [source]
The SHIB TradingView indicators (on the 1-day window) mainly indicate SHIB as a strong buy, except the Oscillators which indicate SHIB as a buy.
General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying SHIB for the next Altcoins rally.
Finally, there is the possible impact of recent news of SHIB getting listed on Binance exchange.
Shiba Inu has a high liquidity on the Binance exchange so that would help for trading SHIB/USDT pair. However, if you’re just looking at buying and HODLing then Swyftx exchange is a popular choice in Australia.
Both Dogecoin (DOGE) and SafeMoon (SAFEMOON) have recently hit their all-time highs as social media and search volumes continue to soar.
These coins are considered “meme coins” because they currently have minimal intrinsic and utility value. Their value is purely speculative with people buying in expecting to sell at a higher price.
A massive milestone just achieved for Dogecoin reaching 1 Million followers on Twitter. While Safemoon’s following is also booming as it reaches over 450k followers on Twitter – growing on average +13,370 per day.
Hype coin Safemoon is a new project that has entered the space and is similarly using the power of popularity on social media to push their agenda online through word of mouth promotion. The very clever and deliberate choice of name alone shows Safemoon’s well thought out PR strategy, targeting the meme crypto culture perfectly and appealing directly to the specific type of investor they are trying to attract: Integrating the most popular emoji in cryptocurrency; the Rocket, so seamlessly, as if it was made just for them.
Safemoon positions themselves as the people’s crypto, adopting a deflationary model like the King of all Coins; Bitcoin, while also being cheap and accessible like Dogecoin. Safemoon encourages buyers to HODL by rewarding holders 5% of the cash earned from sellers; while discouraging sellers by penalising those who cash out 10%. Safemoon have carefully created their supply with built in marketing. Token burns, decrease the supply and ultimately shoot up the price, increasing the popularity and therefore the value of the coin. Safemoon is currently the #1 most searched cryptocurrency on CoinMarketCap, surpassing Dogecoin, which has been bumped to #2.
As news keeps coming and Elon keeps Tweeting, waves of people FOMO in hoping for a moonshot. People flock like sheep to buy more Dogecoin, as once again the coin gains momentum, turning the charts green as it heads back up towards it’s all time high.
On April 28 Elon Tweeted “The Dogefather SNL May 8”, referring to his upcoming hosting spot airing on “Saturday Night Live”. The tweet has already received over 330K Likes! As could be expected this has resulted in Dogecoin pumping as traders bet on a price surge of the meme-based crypto after mass television audience attention.
Caitlin Carey – Crypto News Guest Author
Let’s have a laugh at this weeks memes.
Tune in next Friday for more meme mayhem!
Let’s have a laugh at this weeks memes.
Tune in next Friday for more meme mayhem!
Let’s have a laugh at this weeks memes.
Tune in next Friday for more meme mayhem!
Let’s have a laugh at this weeks memes.
Tune in next Friday for more meme mayhem!
Let’s have a laugh at this weeks memes.
Tune in next Friday for more meme mayhem!