After weeks of speculation and extreme volatility, many traders expected Dogecoin to surge to new highs following Elon Musk's Saturday Night Live speech. In anticipation of the Tesla CEO's debut on SNL, the price of Dogecoin has increased by almost 100% in the past week alone. On Friday, Dogecoin hit its all-time high of 0.71 cents, up an astronomical 14,000% year-to-date.
However, to the disappointment of many, Musk's speech ended with the cryptocurrency falling by almost 30% in less than an hour. The token price fell from $0.69 to a low of $0.49 before recovering to $0.55. At the time of publication, Dogecoin is trading at $0.53.
Source: Tradingview.com
This drop resulted in a loss of $27 billion in Dogecoin's market capitalization. According to ByBt, futures traders betting on DOGE lost $303 million in the last 24 hours.
By comparison, Bitcoin and Ethereum, the two largest cryptocurrencies, saw $350 million worth of liquidations in the last 24 hours. It's important to note that the pair's combined market capitalization is $1.52 trillion and its daily trading volume of $120 billion is colossal compared to Dogecoin's numbers.
Holders expect Dogecoin to rise in price on May 8, 2022
“Players” of the cryptocurrency market unanimously note that Dogecoin traditionally grows in price against the backdrop of Elon Musk’s statements.
DOGE holders have long been convinced that Musk’s posts on Twitter greatly influence the “behavior” of the cryptocurrency. “Doge Day” disappointed many, however, on May 8, 2022, the asset may have many more supporters if Musk keeps his word.
The billionaire informed the public that on May 8 he will host Saturday Night Live together with famous artist Miley Cyrus.
The most interesting thing from Elon Musk’s speech at the “New Knowledge” forum
The founder of Tesla and SpaceX, Elon Musk, answered questions from Russians at the All-Russian scientific and educational forum “New Knowledge”, speaking via video link. We have selected for you the most interesting speech from an American entrepreneur.
About what the world will be like in 50 years
According to Musk, the world will face big changes in the next 50 years, which will largely relate to space travel, DNA research and artificial intelligence.
The entrepreneur believes that soon all vehicles will become electric, with the exception of rockets, and all cars will be equipped with an autopilot.
Cars will drive without a driver, autonomously. There is no doubt about it. I think there is nothing even to discuss here at the moment. This is already happening. This happens very quickly.
At the same time, aircraft will switch to electric motors later than other types of transport, since they require even more technologically advanced and powerful batteries. Also, according to Elon Musk, humanoid robots should soon become widespread.
About aliens
Elon Musk did not rule out the existence of extraterrestrial life:
As far as we know, we are the only life that exists. Maybe there is another one, but we haven’t seen any signs of it yet,” the entrepreneur said.
About his “alien origin”
In addition, the entrepreneur joked that he is an alien and a visitor from the future:
Isn't it obvious? I joke often. People often ask me if I'm an alien. Of course, an alien. See, I work with technology.
About the appearance of Tesla in Russia
The founder of Tesla announced the imminent official appearance of the electric car manufacturer in Russia and the CIS countries, and also admitted that a Russian Tesla plant may appear in the future.
I think we will soon be present in Russia. I think it will be amazing. We also need to look more broadly, at Kazakhstan and other CIS countries.
However, the entrepreneur did not give any deadlines.
About travel to other solar systems
According to Musk, in the future humanity will be able to travel to other solar systems, but this will require new types of energy that are not yet available to humanity:
The nearest solar system is located four light years away. It needs to be explored. And the most effective way is to use antimatter, as well as the collapse of matter. Then it will be possible to get out of the solar system.
About the ISS, the lunar base and the colonization of Mars
Musk believes that a logical continuation of the ISS project will be the creation of international bases on the Moon and Mars:
I think that the space station has an important function, I think that cooperation in space is very important, but we need to not get stuck on any issues.
Musk also quoted Russian scientist Konstantin Tsiolkovsky:
The earth is the cradle of humanity, but we cannot remain in the cradle all the time.
At the same time, the colonization of Mars seems to Musk to be a completely achievable task. In his opinion, the first city on the Red Planet will most likely be covered with a kind of glass dome:
Mars is a planet where you can settle down. At first under pressure, under glass, but over time everything will happen.
About the achievements of Russia and the USSR
Musk spoke about the achievements of Russia and the USSR:
I admire Russia's achievements. I admire the USSR's achievements in rocket science.
The entrepreneur admires Russia's victories and is confident that this energy will continue in the future. The American called on people to fight for their future to be better than the past.
About artificial intelligence instead of translators
Musk expressed confidence that artificial intelligence technologies will replace translators in the long term:
The progress in translation related to artificial intelligence is simply amazing. It is already being practically done in real time and is being improved. I think that pretty soon we will no longer need live translators. At least in the long term.
About Yuri Gagarin
Elon Musk considers the first cosmonaut Yuri Gagarin a very brave man:
He is the first person to go into orbit. Such an amazing experience. This is simply amazing. A very brave man, we still need to decide on this.
When asked what he would ask Gagarin at the meeting, the American replied:
Don't even know. I would simply ask him: “Why?”
On the dialogue between the USA and Russia
The entrepreneur spoke in favor of strengthening the dialogue between the United States and Russia, saying that he was invited to participate in the forum by the press secretary of the Russian President Dmitry Peskov:
Mr. Peskov suggested that I do this. I think it’s great that we are establishing contacts, that we will have more communication between the United States and Russia.
The New Knowledge marathon takes place from May 20 to 22 in eight Russian cities: Moscow, St. Petersburg, Kazan, Nizhny Novgorod, Sochi, Vladivostok, Novosibirsk and Kaliningrad. The forum will include discussions, lectures, interviews and master classes with figures from politics, culture and science. Another famous American who will speak at the marathon will be Apple co-founder Steve Wozniak.
Header photo: RIA Novosti / Kirill Kallinikov
Dogecoin
Dogecoin growth
A couple of days ago we published an article about the TOP 9 cryptocurrencies with growth potential in May, which also included Ethereum and Binance Coin:
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Read the full article: TOP 9 cryptocurrencies in May 2022: which coins to invest in
At the end of the article there was a bonus of two coins, one of which was Dogecoin, the story of which is not over yet.
Then many said that it looked like a joke. However, three days later, Dogecoin grew by more than 100%, setting a new maximum price at the average rate:
The rise of Dogecoin
Why did we think then that the Dogecoin story was not over and why don’t we think so now?
Argument No. 1 is its price and the fact that the coin has not collapsed to the bottom after its tremendous growth since the beginning of the year. In mid-April, the coin soared by 500% in just one week, and we have already said earlier that since the beginning of the year the count has been going up by thousands of percent:
The rise of Dogecoin
But Dogecoin did not fall and settled in the top ten cryptocurrencies; people still believe in the asset and are in no hurry to flee from it to spend dollars. People don't need dollars, they need Dogecoin.
Argument #2 is faith multiplied by greed. The price of $0.4 cents is still extremely attractive for purchase, and the latest news that there may be a new pump from Elon Musk on May 8 makes it necessary to hold the asset in anticipation of a new round of growth.
At the same time, the desired level of $1 is actually simple, Dogecoin is traded on leading exchanges, and not only crypto, it is also available on Robinhood. All that is needed is for the entire community to gather once again and invest from $10 to $100 to launch cryptocurrency to the Moon or directly to Mars together with Elon Musk. In this case, the capitalization of Dogecoin could be about $130 billion, making it the TOP 3 cryptocurrency by capitalization.
Important note: we cannot know or claim that this will happen. This article is not financial advice and you must make any decision to buy or sell cryptocurrencies solely on your own.
If you have Dogecoin, if you have already made 100, 200 or more percent on it, or maybe even a modest 20-30%, this is already a good income and it may make sense to take profits. But if your faith in Dogecoin is stronger than ever, then a price of $1 is theoretically completely within reach.
Especially when the media began to hype this topic again, for example, billionaire Mark Cuban supported Dogecoin:
“As long as more companies purchase Dogecoin for products/services, it can be a useful currency because it can hold its purchasing value better than a dollar at your bank. Yes, the joke is now legal."
Or here's the story of how a Robinhood trader became a millionaire using Dogecoin. He decided to invest $180,000 when the coin was worth $0.04 because he liked the Dogecoin community on Reddit, liked the Shiba Inu dog meme, and believed in support from Elon Musk.
If more such stories are launched in the media, Dogecoin will have a real chance of growing to $1.
Ethereum
Ethereum rate
On May 3, Ethereum did what was expected of it for a long time and rose to $3,000, and did not stop there and rose immediately above $3,400, showing an increase of 25% since the beginning of May:
Ethereum growth
With this price movement, Vitalik Buterin became a cryptocurrency billionaire, according to data from the Ethereum wallet he previously disclosed. It is worth adding that Buterin may have other wallets with Ethereum, he also has many different tokens and he said that he bought bitcoins. So Vitalik could have crossed the capital threshold of one billion much earlier, and yesterday we just received another confirmation of this.
As for the price, Ethereum is now roughly in the zone where Bitcoin rose above $30,000 and went even further. If you want to grow to $4,000, or you want to immediately reach $10,000, there is no resistance at the top, and they will appear only after many people decide that it’s time to take profits.
Predictions that the upward movement will continue without stopping, spur the market and awaken greed. A public Canadian company has already bought Ethereum for its own reserves, we are talking about only 149 coins, but you have to start somewhere. And a well-known crypto trader states that Ethereum can grow three times more from current values. This forecast, by the way, also applies to Cardano.
The graph of the share of Bitcoin and Ethereum in the cryptocurrency market during the previous cycle can tell us how real it is. Now this distribution is approximately 46% to 17%:
Chart of the share of Bitcoin and Ethereum in the cryptocurrency market
But before the start of Bitcoin’s final parabalistic move in 2017, the distribution of capital in the cryptocurrency market was 37% for Bitcoin and 31% for Ethereum. That is, the capitalizations of both cryptocurrencies were quite close to each other, and if history repeats itself, then Ethereum could become the second cryptocurrency in history whose capitalization exceeds one trillion dollars.
There are various reasons why this could happen, personally we believe that the future of the entire cryptocurrency market is still determined by Bitcoin and therefore I suggest looking at its price.
