The betrayal of Elon Musk may be the Kool-Aid moment of Dogecoin
The ultimate treason was done by Elon Musk, founder of the electric car manufacturer Tesla and father of Dogeland. On his long-awaited performance on Saturday Night Live, the cult leader of the cryptoland portrayed Dogecoin as a joke.
© Saturday night LiveAppearance of Musk in America's iconic comedy TV show had pushed the Dogecoin price to 800 percent last month – a crypto-money produced as a joke in 2014.
Investors in cryptocurrency have been expecting Dogecoin to speak to their 'Father Musk' on Twitter, as he did several times throughout 2021.
His remarks about the 'Meme' crypt, portrayed as the dog breed symbol Shiba, have helped to make the crypto-currency the fourth largest. It has also made some remarks about this. Before the Sunday crash, the market capitalization of the cryptocurrency was higher than the second-largest Indian in the field of IT, Infosys.
Musk's remarks betrayed what many of the finances thought was symbolic of the Dogestic rally – that the campaign was really an unhealthy joke about the collapse of the monetary system at that time.
Dogshaft
Dogecoin has fallen by over 50%, as disillusioned investors raced to the exit to cover whatever fuss they have wiped out over the past three months with Musk's remarks.
The episode highlights the role played by social media to boost livestock behaviour in financial markets. Ultimately, Dogecoin has no singularity. It has infinite supply, making it the first ever cryptocurrency in comparison with Bitcoin, an unattractive value shop.
Social networking platforms today have a much larger scope, anonymity and reach than previous technologies. It poses a potential challenge: the possibility of wrongdoers trying to hype those stocks or manipulate markets from these influential forums," recently Gary Gansler, new Securities Exchange Commission Commissioner, told US Congress.
Gansler's comments come back from the "meme" stock phenomenon of Wall Street which saw a range of traders in a community like Reddit hide out of stocks like GameStop and take over a multibillion dollar hedge fund.
The Dogecoin creator Billy Markus did not understand the meteoric rise of the joke he had built to come back against a tweet that somebody had done in cryptocurrencies about the 'next big thing.' In 2015, he sold his coins to buy a Honda.
In the investment environment, it is normal to be one of the prominent or prosperous investors. Ask Warren Buffett and Rakesh Jhunjhunwala's blind worshippers. Herding is as old as water is on Earth for financial markets. It is widely agreed, and yet as often as crowding in a Bombay region, to herds or buy inventories for the sake of popularity is not a sound investment decision.
The person who made Musk a futurist and his trustworthy record as a part of some of the most influential recent inventions made many of his followers believe he saw something that others did not see on Dogecoin. This is a classic case of following the money.
Or was he 'drinking Kool-Aid,' a term that refers to a person who, because of the perceived high potential for rewards, believes that it may be doomed or dangerous?
He never asked investors to purchase Doges to be fair to Musk. Tesla spent just $1.5 billion in Bitcoin, not Dogecoin, his own company. But it's nonsensical to say that Musk didn't know the impact his words might have on his disciples.
The Technokin of Tesla decided to punch the expectations of Dogecoin owners in its biggest night under the spotlight. Ironically millions of owners of Dogecoin were found plastered over their faces with the doge's speech.
Crytorian
Salman Ahmed
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