What an impressive run it has been for the Shiba-Inu featured meme token- Dogecoin [DOGE]. A lot of its exposure has to do with the “Musk effect“. The Tesla Chief’s guest-hosting appearance on this week’s Saturday Night Live had further caused a stir in the cryptocurrency market.
The recent exchange listings on eToro as well as Gemini have backed the dog-themed cryptocurrency to sustain its rally and helped it to surpass XRP as the fourth-largest cryptocurrency by market cap. But unlike previous instances, when Elon Musk managed to sway the general investor crowd into FOMOing DOGE, this time it has been the opposite.
The memecoin took a plunge by more than 30%, as the exec made an appearance in the late-night comedy show, which drove its price to $0.498, at the time of writing. It appears plugging Dogecoin on SNL did not work out. So much for mainstream exposure.
Dogecoin [DOGE] Price Chart:
Musk toying with the cryptocurrency market has left many well-known players in the industry fuming. The US regulators have applied more cautiousness but lacked significantly when it came to providing regulatory clarity because of its lack of political decisiveness surrounding this space.
Hence, many crypto advocates have not been shy in calling the tech giant for Dogecoin’s recent boom and a potential subsequent bust that could rock the market and not in a good way.
The latest one to chime in was Barry Silbert, who happens to be the Founder and CEO of Digital Currency Group [DCG], owner of Grayscale Investments. He urged cryptocurrency investors to convert their Dogecoin to Bitcoin in a recent tweet.
“Okay $DOGE peeps, it’s been fun. Welcome to crypto! But the time has come for you to convert your DOGE to BTC.”
Silbert also revealed that his firm has gone short on DOGE via FTX cryptocurrency platform. The exec further pledged to donate $1 million to a charitable cause selected by the Dogecoin community if DOGE hits $1 by the end of this month.
But the co-creator of Dogecoin, Billy Markus was quick to point out Silbert’s association with a prominent crypto news portal and stated,