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Doge Lunacy Returns

By Tim KnightCryptocurrencyOct 30, 2022 12:30AM ET
www.investing.com/analysis/doge-lunacy-returns-200631680
Doge Lunacy Returns
By Tim Knight   |  Oct 30, 2022 12:30AM ET
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If you will recall last spring, the big news was that Elon Musk was going to be the guest host of Saturday Night Live. Dogecoin, the “joke” crypto coin that had been shooting higher based largely on Elon’s enthusiasm and occasional tweets, was enjoying a rocket ship ride.

Dogecoin Chart
Dogecoin Chart

Thus, Elon did indeed host SNL, and DOGE peaked pretty much to the millisecond that he appeared on stage, particularly since he didn’t interrupt the show every four minutes and tell people to buy the stuff.

SNL Image
SNL Image

This kicked off a merciless grinding down of the joke crypto, which lost about 94% (ninety-four percent people) in just over a year.

DOGE Chart
DOGE Chart

Meaning that folk heroes like Dogecoin Millionaire weren’t looking so brilliant:

Well, I figured this whole collapse was symptomatic of good sense and rationality coming back to Earth, but I’m afraid that the lunatic fringe is still out there. I present to you DOGE over the past few days, which climbed about 200% in no time at all. This was based on one and one thing only: the fact that Elon now owned Twitter (NYSE:TWTR). And Elon has mentioned Dogecoin sometimes. Which, in their frantic minds, means that somehow Dogecoin is going to explode in value. Or something.

DOGE Price Chart
DOGE Price Chart

You can see this reflected in the volume, which had died down to almost nothing but now has roared into the billions again. I seriously sometimes think I am the last sane person on the planet. Honest. I would hasten to add that a big chunk of this pop has already fizzled away, but, for the short-term, that downtrend break is undeniable.

Dogecoin Chart
Dogecoin Chart

Here is the longer-term picture. As you can see, DOGE is still a tiny fraction of its SNL self, but it isn’t crashing to $0 yet either. I can only shake my head in astonishment that the world is trying to pretend that this concoction as any value, utility, or worth.

DOGE vs SNL Chart
DOGE vs SNL Chart

Doge Lunacy Returns
 

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Doge Lunacy Returns

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Comments (5)
Blad vass
Blad vass Nov 08, 2022 1:11AM ET
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If Dogecoin explodes in value, it’ll be good news for those invested in it but for those who doubted the ability, it’ll be tough to enter it. The market will have its ups and downs but deciding which coin to invest is not easy.
Celli ferous
Celli ferous Nov 07, 2022 2:52AM ET
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Quite impressed with your analysis, thanks for sharing your views on DOGE. With this, people may decide to invest in this coin.
willen alesli
willen alesli Nov 04, 2022 5:48AM ET
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Hahaha, informational and funny. We can’t really predict any coin for that matter. BTC, ETH, DOGE.
Susan Kulo
Susan Kulo Nov 02, 2022 12:26PM ET
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Somewhere in your analysis you always make me laugh as well as providing excellent commentary. Thank you.
G D
G D Nov 01, 2022 6:01AM ET
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Crypto will die, it's just a matter of when
 
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