The Sunday Night Live hosted by Elon Musk on the 8th of May, turned out to be a “Sunday Night Loss” for many Dogecoin holders. The unexpected turn of event made many ponder whether Elon Musk was involved in a grand scheme to siphon profit. I personally had a sleepless night here in Lagos, Nigeria, at 4am, watching Elon Musk and waiting tor Dogecoin to cross the $1 mark, which never happened.
Dogecoin, on Saturday prior to SNL , traded at around 70 cents. The crypto coin then sold for about 66 cents just before the show kicked off. But like an orchestrated attack sequence, the meme coin was shot down to as low $0.416. That was a whopping 36% drop!
This isn’t the first time the Dogecoin had experienced such a meltdown. After Dogecoin surged to new all-time high of $0.42 on April 20, the Asian market eagerly awaited U.S. investors to wake up from their sleep and send the meme crypto’s prices soaring on its inaugural Doge Day. But instead, the meme coin got hacked down by 18.3% within 24 hours!
Was Elon Musk behind the sudden rapid fall of the Dogecoin during the SNL show? Some people seemed to think so.
On his Twitter page the following day, Elon Musk announced the adoption of the Dogecoin as the currency of choice on the moon. He stated, “SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge
– 1st crypto in space
– 1st meme in space,” ending the tweet with an emphatic, “ To the mooooonnn!!.”
Apparently, Elon’s post did not convince people such as Haasil Arora @arora_haasil, a Twitter user. She responded with a waft of nasal anger saying, “Well played @elonmusk you cashed out all of your DogeCoins when it was high,and then when price dropped you bought coins again…after some time you leaked the news that spaceX is accepting doge for payments and launching satelite (DOGE-1)…WELL PLAYED DEAR.”
@NitinMa49861777, agreed with Arora. He wrote, “Yes, exactly! Some people don’t understand this. He is manipulating the market to his advantage. Tesla made profits from bitcoin trading; now where did the profits come from – someone’s pocket!”
Supporters of the dogefather, Elon Musk, did not agree Elon had done any wrong. @TragicKillShot stated, “Where does your profit come from when you sell anything? What about when you buy? Don’t blame Elon for not investing on your own knowledge.”
@NitinMa49861777 responded to @TragicKillShot, saying, “Dude, obviously profits come from someone’s loss but I don’t have the capacity to manipulate the market like he is doing. The point is, if I had the same following as Mr. Musk(multi-billionaire) enjoys, i would not con- retail investors into buying some shit coin for my own profits.”
@hanzadragon remarked, “These top holders of billions of #doge are steady dumping it back to 0.002. They’re not exchanges because their transactions are too few. Elon’s obvious manipulated pumps are not working anymore. Take ur money & run before these #dogecoin whales take it all.
“I don’t think it was him (Elon) but there were definitely big investors who did. They knew people would dump money into it a day before the show and capitalized on it”, observed Rachel Marquis @RachelMarquis6. She continued, “Actually, that’s what @BarrySilbert did. This tweet describes exactly what you just explained. Millions of struggling people probably lost money because of this arrogant, rich man.
@RachelMarquis6 then posted a tweet from @BarrySilbert: “Okay $DOGE peeps, it’s been fun. Welcome to crypto! But the time has come for you to convert your DOGE to BTC [disclosure: we’ve gone short DOGE.”
According to Forbes, Barry Silbert is the founder and CEO of Digital Currency Group (DCG), a conglomerate of five cryptocurrency-focused companies. DCG’s biggest revenue generator: digital asset manager Grayscale, which oversees $28 billion worth of Bitcoin, Ether and other assets. Silbert is one of the big crypto whales.
Just incase you are not familiar with Dogecoin, the crypto currency was created by two software engineers Billy Markus and Jackson Palmer as fun and instant cryptocurrency in December 2013. It is a digital currency just like Bitcoin, used for e-transactions. It became popular when Tesla’s chief executive officer (CEO) Elon Musk, rapper Snoop Dogg and rock band Kiss’ bassist Gene Simmons mentioned it on Twitter. The Dallas Mavericks, a basketball team,owned by business man Mark Cuban, announced the team would be accepting Dogecoin as payment. Social media platforms like TikTok and Twitter have also helped in the rise of Dogecoin.
So what do you think? Was Elon Musk in on the rapid fall of the Dogecoin during the SNL show? Could he be collaborating with crypto whales like Barry Silbert? Or, is he just an innocent bystander who simply wants to take the Dogecoin to the moon?
Let’s have your take in the comment box.