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Dogecoin: is a new Elon Musk pump and dump in sight?

Tesla CEO will host Saturday Night Live on May 8

Over the past few hours, supporters of Dogecoin and many investors have pricked up their ears. To push them in this direction a new tweet from Elon Musk, which in addition to defining itself in the same way as "Dogefather" has announced its participation in the Saturday Night Live episode scheduled for May 8th, in the unusual capacity of conductor. During which it is not excluded that the founder and CEO of Tesla may once again externalize his now well-known feeling of love towards the meme coin. Which, given the size of the audience, could cause a new boom in the price of DOGE.

Elon Musk - Dogecoin: is a new Elon Musk pump and dump in sight?

The market reaction to Elon Musk's tweet

The reaction of the markets to the new tweet of the South African billionaire was not long in coming. Dogecoin has in fact given birth to one growth in the order of 20% since the message was published, bringing the price of the token over 30 cents.
Consequently obviating a not very bright period for the creation of Billy Markus and Jackson Palmer, which culminated in sensational flop of the so-called Doge Day, an event coordinated by groups of Redditors which should have taken off the price of the meme coin, without succeeding.

The particular moment of the markets

Dogecoin's new momentum occurs in conjunction with a very particular moment in the crypto market. In the course of the last few hours, in fact, the news that he would like has spread Facebook ready to announce its investment in Bitcoin within the usual quarterly report. Indiscretions which have immediately pushed its price to 55 thousand dollars.
To which he then went to add the new historical record made by Ethereum. A record that followed the news launched by Reuters regarding the launch by the European Investment Bank (EIB) of a sale of "digital bonds" which would be carried out using its network.
Despite the tough competition from BTC and Ether, DOGE still delivered an extremely robust performance. Such as to confirm once again the beneficial role exercised towards him by the Elon Musk pump and dump. Which naturally pushes many investors to dream.

What could happen after Saturday Night Live?

Il Saturday Night Live is an extremely well known show, in many parts of the globe. In fact, it is the longest-running entertainment program in US television history. The planned conduct of Elon Musk in the episode of May 8 represents an unusual fact, even if not a first. Already a businessman, George Steinbrenner, owner of the New York Yankees, did so in 1990.
Elon Musk, however, risks causing a real earthquake on the cryptocurrency market. Expected precisely in consideration of the large audience that follows the show every week. Millions of people, presumably including many digital asset investors. Should the Tesla CEO decide to sponsor DOGE once again, its price could literally explode in a matter of hours. With consequences that are difficult to imagine, in particular with a series of oscillations which literally arouse the terror of a part of the cryptographic space. As they would confirm the criticisms made by many towards a phenomenon, that of cryptocurrencies, indicated as pure and simple speculation.

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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