It certainly isn’t a good time to be holding DOGE right now, as the seemingly unstoppable cryptocurrency has just experienced a plunge of over 30%, despite Elon Musk’s appearance on Saturday Night Live (SNL). As of the time of this writing, DOGE is currently trading at $0.56, which is a 22% decrease since yesterday.
The so-called ‘Dogefather’ had admitted on SNL that while he does support DOGE, it is nevertheless a ‘hustle’. Elon is the CEO of Tesla, a company that very recently sold off 10% of its respective BTC holdings in related news.
Robinhood is struggling to deal with the mess created by DOGE
Robinhood is a financial services company based in the United States with headquarters situated in California. It is well renowned for offering stock trading services that are free of any commissions, and its mobile application had been introduced back in March of 2015.
In recent news, Robinhood has now declared that it is experiencing issues with its crypto trading systems due to DOGE’s prices acting in an extremely volatile fashion. Binance had also recorded some problems pertaining to DOGE as the altcoin is trading at just over $0.5 on that exchange, a figure that is indicative of a 13% decrease as compared to the previous days open.
DOGE hype over?
Elon had even gone as far as to say that DOGE was the future of cryptocurrency and that it will engulf the entire world. Holders of the ‘joke’ cryptocurrency will be disappointed to know that the candles have not turned green despite the billionaire’s actions and so-called prophecies. This has resulted in numerous retail and institutional investors panic selling their respective DOGE tokens in droves, an action that is yet another indication that perhaps the hype surrounding Dogecoin may indeed be over.
Moreover, the bad news kept on coming as the CEO and Founder of DCG (Digital Currency Group), Barry Silbert, who also owns Grayscale Investments, had declared that the company is now short on Dogecoin, sending shockwaves reverberating throughout the crypto community.
Ultimately, it may be for the best that the hype surrounding DOGE is dying down, as there are many who have been against the altcoin from the very start. Cardano’s Charles Hoskinson, for instance, had previously stated that investing in Dogecoin is not only foolish, but also dangerous as not only is there is no tangible technology behind it, not only did the creators lack any sort of long-term plan for it, but it may have actually ended up damaging the cryptocurrency industry more than benefitting it.