Dogecoin hits a new record high, Musk is going to be on the show again, and investors are pouring in

Source: Sina Finance

At noon on May 8, DOGE rose strongly, briefly touching 0.74 USDT, setting a new historical high and now trading at 0.7288 USDT.

On Saturday evening, May 8, local time, Musk will host NBC's popular late-night comedy show Saturday Night Live (SNL). He also sent a tweet about "show guests" on Friday evening local time, with a picture of Dogecoin. The tweet content is two other SNL celebrity guests and the Shiba Inu representing Dogecoin. Soon after, Dogecoin rose to a record high of 72 cents, and then fell slightly.

You should know that central bank governors of various countries have never stopped warning investors about the excessive volatility of cryptocurrencies and the risk of losing everything if they are not careful, not to mention that the most recent warning was issued by the Governor of the Bank of England on Thursday.

Dogecoin investors around the world are eagerly waiting for Dogecoin to reach 90 cents

Dogecoin investors around the world have already formed groups in advance and are preparing to organize parties on the day to watch the show together. Beer and fries are a must, and the mobile trading app will be kept open so that they can have a toast every time "that man" says the word "Dogecoin" and take a look at the market.

Alma Cortez, a 28-year-old California girl, invited 10 friends to watch the live broadcast together. She said: "Everything Musk says and does may affect the market to a great extent, so everyone will hold their phones tightly during the whole process. After all, no one wants to lose money."

Ramy Bekhiet, a young man from New Jersey, invited more than 30 friends to watch the live broadcast in his backyard. Between a pile of food, he will closely monitor two screens showing Dogecoin and overall cryptocurrency prices.

Bekhiet said he “wouldn’t be surprised” if Dogecoin hit 80 or even 90 cents when the show airs because it’s “people power.”

Yosef Adelman of Los Angeles has been trading Dogecoin since 2019 and sold out his position when the price was 62 cents on Tuesday. Now, as Musk is about to enter the SNL studio, he wants to get back into trading.

But rather than making deals during the show, Adelman wants to use the time between now and the show. He said: "Whatever Musk says on the show will be disappointing because everyone's expectations of him are above everything else right now."

Musk has contributed greatly to Dogecoin becoming a mainstream cryptocurrency

Since the beginning of this year, Dogecoin, which was originally developed as a joke, has soared by an astonishing 12,000%. If we start from the low point in July last year, the soaring rate is as high as 30,000%. The current total market value of Dogecoin is about 88 billion US dollars, while just last week, its market value was only 35 billion US dollars.

For the crazy market of Dogecoin doubling in a week, people believe that Musk's personal role cannot be ignored. Indeed, as a long-term fan of cryptocurrency, Musk has been using various hints to drive the price of cryptocurrency.

But on the same day that Musk tweeted about the "show guest," he actually tweeted another one that said "Cryptocurrency is promising, but please invest with caution." As for whether investors read this sentence in full, who knows.

Adelman did express his concerns, though he was concerned about the Robinhood app crashing, which has occurred multiple times in recent weeks as demand for Dogecoin has surged.