Could Elon Musk’s SNL Hosting Pool Dogecoin price with profit reservation?

There is much speculation as to whether Tesla Inc (NASDAQ: TSLA) Episode “Saturday Night Live” by CEO Elon Musk to be Featured Dogecoin (DOGE) or not, and the price of the prank cryptocurrency hits a new high every day.

What happened: Musk will host the variety show on Saturday, even as DOGE is already on its way to the moon. The cryptocurrency hit a new all-time high of $ 0.6953 in the early hours of Wednesday.

Last week, Musk tweeted “The Dogefather” which put the cryptocurrency meme on its latest upward journey.

Since the April 28 tweet, the cryptocurrency has climbed 144.44% and since the start of the year the gain has been huge 13.955.42%.

See also: How to buy Dogecoin (DOGE)

At press time, DOGE traded 51.21% higher at $ 0.66 in a 24-hour period and climbed 151.16% on a seven-day basis, emerging as the fourth largest cryptocurrency. in terms of market capitalization.

DOGE’s fantastic rise to power begs the question of whether investors will resort to profit-taking around Musk’s appearance on Saturday Night Live, given the epic run.

Why is this important: DOGE’s current market cap of $ 89.7 billion already exceeds that of parent company Snapchat Snap Inc. (NYSE: SNAP), General Motors Company (NYSE: GM), Ford Motor Company (NYSE: F), Roku, Inc. (NASDAQ: ROKU), and DoorDash, Inc (NYSE: DASH).

Meanwhile, the apex cryptocurrency Bitcoin (BTC) had a market cap of $ 1.02 trillion at the time of publication. BTC traded 1.84% lower at $ 54,871.20.

Musk has promised that he will “definitely” say something about “Dogefather,” a DOGE coat rack, and the classic “The Godfather” movie, during the SNL episode.

While the content of the show and skits is an estimate, Musk hasn’t always managed to jack up the price of DOGE.

Dogecoin is hovering in overbought territory with a Relative Strength Index (RSI) of 81.58, according to data from Coinalyze.

The RSI, a momentum oscillator, measures the speed and change of price movements. It is scaled between 0 and 100. RSI above 70 is generally classified as overbought and under 30 as oversold. A mention could cause an immediate shock, as previously stated, but the absence of such an event could also result in an immediate reservation of profits.

However, there has been a significant transfer of DOGE from older hands to newer ones, according to a report by Alex Thorn of Galaxy Digital Research.

This transfer of ownership could also shield DOGE from profit taking, as the new breed of investors may be inclined to hold on.

Read more: Dogecoin co-creator sold all of his coins for just enough to afford a used Honda Civic in 2015 – Now DOGE is bigger than Honda

Photo by Steve Jurvetson on Flickr

© 2021 Benzinga does not provide investment advice. All rights reserved.

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