Vegas Increases Dogecoin Chances Of Hitting $1 To 40%

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Although Dogecoin saw the mother of all selloffs this weekend, the coin is still up several thousands of percentage points this year.

The presence of Elon Musk on SNL served as a Buy the rumor, sell the news technical setup, meaning that the period prior to his hosting saw Dogecoin rising and the show itself served as the top.

As from yesterday in fact, bagholders started dumping Dogecoin after it hit a new all time high of around 74 cents.

Short period

Knowing that it sold for 1 cent at the beginning of the year, it is easy to see why so many retail investors are still eager to buy in.

THE DOGEFATHER IS HERE TO STAY🚀 #dogetothemoon #dogecoin #DogeCoinTo1Dollar #doge #SNLdoge pic.twitter.com/HSNBHlL5SU

— Max DeGilio (@nylo44) May 9, 2021

Responding to the hype, Adam Morris, of a cryptocurrency education website, said:

The reason people like investing in cryptocurrencies like dogecoin is because they feel they can turn their investment into a much larger amount in a short period of time.

Kid Laroi

Dogecoin reached the (temporary) top when Musk posted a mashup picture of himself and Miley Cyrus (who was the musical guest on SNL this weekend) together with the Kid Laroi (who currently sings the hit single Without you) and a picture of the dog of Dogecoin.

:youtube[SJOKlqJho8U]

Meanwhile websites in Las Vegas have increased the odds of Doge hitting $1 before the end of the year to 40%, whereas it was only 17% a few weeks ago.

Guest starring … pic.twitter.com/buM3bTOWbX

— Elon Musk (@elonmusk) May 7, 2021

The cryptosphere hopes that the attention of the media will once again turn to Ethereum and Bitcoin after this, but of course you never know with Musk.