To the moon! 🚀🌙
The price of the meme inspired alt coin is primed to spike again after already seeing gains of over 12,000% since the beginning of 2021. The latest movement came over the past week, after the announcement that Tesla and SpaceX chief executive — Elon Musk who frequently mentions Dogecoin will host Saturday Night Live on May, 8th.
With many speculating Musk's appearance and a possible Dogecoin mention will send it’s already growing value “To the Moon”, or will it be all the way To Mars? Musk needs to be careful not to mention publicly traded Tesla as he has already gotten in hot water with the SEC for tweeting:
"Funding Secured" to take Tesla private at $420 per share.
Will Musk have to "bite his tongue" regarding the meme coin that is gaining popularity across social media, and crypto trading apps?
There are already early investors of Dogecoin — the alt coin based on a meme of a Shiba Inu (which started out as a joke), who have become crypto millionaires. Cryptocurrency enthusiasts and investors from all walks of life are getting in on the action. It’s relatively easy to do thanks to Dogecoin’s price (at the time of this publishing averaging $.60), and the availability of cryptocurrency exchange platforms such as; Robinhood & Crypto.com.
The faithful believers such as the "DogeArmy" try to spur movement in the alt coins price by; tweeting, redditing, and encouraging newbies to “HODL” (Hold On For Dear Life) their investments. All are betting that a Dogecoin mention by Musk on SNL will as they say, send the price of Dogecoin:
To the moon! 🚀🌙
But will the servers hold? or hodl?
Dogecoin has already “broken the internet” for a brief time this week during a “spike” that sent the price of the alt coin up from about $.40 to $.60 over the period of about two hours. As users eager to cash in their investment on apps like Robinhood this past Tuesday, May 4, 2021 found out, that can be easier said than done when everyone is doing it at the same time.
The company acknowledged the issues via social media, posting:
We’re currently experiencing issues with crypto trading. We're working to resolve this as soon as possible. For the latest updates, check http://status.robinhood.com.
And later followed up with an update:
Update: Crypto trading is now fully restored. We know some customers may have experienced intermittent issues earlier. We’ll continue to monitor the situation closely, and we’re sorry if you were impacted. Please contact us if you have outstanding issues. http://robinhood.com/contact
Coincidentally, Musk’s company; SpaceX launched and then successfully landed — Starship prototype rocket SN15 the very next day on May 5, 2021, in Boca Chica, Texas. SpaceX CEO Elon Musk called the starship landing “nominal”. Wednesday’s test flight was the third launch attempt for Starship prototype SN15; the company hopes this model will take humans to Mars one day.
Will Dogecoin rise above the moon, all the way to Mars?
With people having watch parties, and all planning to trade at the same time this Saturday night… Will the servers hold? If Robinhood for example has the same issues as it did earlier in the week many may be forced to watch their investment rise with the hype, and then fall as everyone rushes to cash out by selling their investment.
Will Dogecoin blast off and soar to the moon and beyond? Or will it crash and burn?
We’ll have to wait and see on Saturday night.
Until then I’ll be, (HODLing). 🚀🌙
**Absolutely nothing in this post should be taken as financial advice! **
“Never invest anything you aren’t willing to lose.”
In a recent interview on CNBC, CEO and co-founder of Coinflip — Ben Weiss stated:
First-time cryptocurrency buyers should do their research before diving right into Dogecoin without having invested in any other coins. Bitcoin has a 10-year track record at this point, which makes it a different risk level than investing in a newer alternative coin.
And, investors shouldn’t get into Dogecoin just to turn a profit in a short time.
“If any part of your brain goes ‘this is a great way to make a quick buck,’ that’s when you should think twice.”
Even the self proclaimed "Technoking of Tesla, Imperator of Mars 😉" - Elon Musk has stated:
Cryptocurrency is promising, but please invest with caution!