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That is one of the weirdest titles that I have had to write in my life. Well this whole situation is weird. Dogecoin is weird. Cryptocurrencies are weird. Elon Musk is weird. The stock market is weird. And money is weird. None of makes sense and if you say that it does then congratulations. Believing that you understand something that is incomprehensible to begin with is probably a much more satisfying way to go through life.
All hands on deck for Dogecoin
Well this could be the first truly coordinated attack on Dogecoin in its brief history. Of course, the Reddit community has come together to drive the price higher and higher before. And it is also true to state that every time Elon Musk has tweeted about it, the joke-coin has seen its price increase. But it’s never really been on a grand scale like how it will be on Saturday night.
On Saturday night, Musk will take the SNL stage and promote Dogecoin, Bitcoin, and Tesla of course. I don’t love the idea that he is basically manipulating the market but there doesn’t seem to be too much harm in what he’s doing so far. In all honesty, people have really only made money on Bitcoin and Dogecoin.
To the moon or crash-landing inevitable
When SNL is broadcast across the country people, millennials especially, will be influenced or motivated to buy Dogecoin or Bitcoin. The price will go higher. There is almost no reason why it should go down. The big question is… how much will each coin go up?
To answer that question, we have to consider whether or not Elon Musk will promote Dogecoin or Bitcoin. Then we have to consider whether or not one will drive the other like. If he only mentions Bitcoin, will both prices be driven higher? If he only mentions Dogecoin, will both prices be driven higher?
Elon is not a man of the people, he’s a man of money
Elon may consider himself a man of the people but I think that narrative has changed. He is a man of money and he always has been. Growing up wealthy can’t ever allow you to be a man of the people. So when he talks about doing good for the planet or the “greater good”, it just means that there is money to be made. Let’s be honest for a second, if he truly wanted to help the planet, he would be doing a lot more with his money. I mean he’s basically become the face of cryptocurrencies and they are notorious for wasting electricity on a huge scale.
I digress. The point here is that Musk is undoubtedly going to try his best to drive the price of Dogecoin higher during his time on SNL. It only makes sense. Why else would he host SNL? I understand going on podcasts and such but SNL seems to be out of his comfort-level. But I’m sure that when he realized the influence he could have on the prices on Bitcoin and Dogecoin, he left at the opportunity.
So what’s your call for the weekend? Are you betting that Musk will promote cryptocurrencies or do you think it’s going to be a rather relaxed night?
Disclaimer: Do not consider this financial advice. This is mainly an opinion piece and readers should conduct their own research and conclude their own findings before making any decision to invest in anything.