Dogecoin (DOGE) is the world’s most popular meme coin. It was created by two software engineers in late 2013.
It was based on a popular dog meme at the time and was initially created to make fun of the flagship crypto asset, Bitcoin and other altcoins. However, it started getting a lot of attention and eventually received strong support from the community.
It is now the most well-known meme coin and has a significance that has not been surpassed by any other meme digital asset. Despite its prominence or popularity, it has lost most of its value, which is concerning for DOGE enthusiasts.
If you are interested in buying the meme crypto asset then make sure you take a look at Dogecoin price prediction first.
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DOGE’s Price Movement After Elon Musk’s SNL Appearance
Dogecoin has been receiving ample support from one of the most influential people in the crypto space, Elon Musk.
Musk is the CEO of Tesla and SpaceX and has recently purchased Twitter as well. He has been known to drive up the price of the meme cryptocurrency via his tweets and DOGE price predictions.
In May 2021, Elon Musk hosted SNL (Saturday Night Live) and spoke about Dogecoin. The price of the meme coin reached an all-time high (ATH) in May, trading at $0.72 (at the time).
The DOGE enthusiasts anticipated the price to rally even more after Elon Musk mentioned the meme coin on national television.
To their dismay, the price of Dogecoin has severely plunged in the year since Musk’s SNL appearance.
The crypto enthusiasts in favor of the meme coin have been expecting the crypto asset to cross the $1 price region. During 2020 and the beginning of 2021, Musk’s tweets constantly resulted in price surges for Dogecoin.
The community expected the same thing to happen during SNL, however, the price of the meme coin started dropping as the show aired. It lost 20% of its value in real-time in one hour and has been stuck in a downward momentum ever since.
Dogecoin is currently trading at $0.059 (at the time of writing). Here is a graph by CoinMarketCap that shows the price movement of the meme digital asset over the last year.
A few weeks ago, Elon Musk announced that SpaceX would accept payment in DOGE for merchandise and Twitter might potentially add it as a payment method on the platform.
Even though both the announcements are quite intriguing they only resulted in short-lived price surges for the meme coin.
What to Know as a New Crypto Investor?
Despite the price movement seen for DOGE, it is a popular altcoin in the market. However, it is not the only prominent crypto asset in the world. There is a multitude of digital currencies available in the market and new investors can find it difficult to decide which asset to opt for.
There are several other aspects people need to be aware of before they start buying cryptocurrencies. Therefore, if you are a new crypto investor, make sure you know and consider following the tips mentioned below.
- Opt for the best crypto exchange that suits your needs and prioritizes your security.
- Know which digital asset you want to buy and monitor its price movement first.
- Know the right time to invest.
- Start by investing a small amount.
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