Crypto
Dogecoin plummets after Musk’s cameo on SNL
Dogecoin prices fall after Elon Musk plugs the meme crypto during SNL appearance
Dogecoin stocks fell after Billionaire Tesla CEO Elon Musk appeared on SNL.
The plummet came soon after Musk mentioned the meme crypto, with stocks dropping by nearly 30% to $0.5 from around $0.7.
The price then rebounded from its low to around $0.57 after SNL finished.
Dogefather Musk
During his appearance, the Space-X CEO said the cryptocurrency would “take over the world,” calling himself the “Dogefather.”
This comes after prices soared amid anticipation of Musk’s much-anticipated cameo during the past week.
What is Dogecoin?
Dogecoin is Musk’s self-proclaimed favourite cryptocurrency. It was first launched in 2013 as a joke but has recently seen a surge in popularity following the tech mogul’s endorsement.
IBM’s Billy Markus and Adobe’s Jackson Palmer launched the crypto as a satirical critique of the cryptocurrency frenzy in 2013.
Its value has soared over 14,000% this year alone, up from $0.00468 on December 31. This makes it the fourth-largest crypto, after other huge players like Bitcoin and Ethereum.
Musk said:
“Lately, prices have been soaring for cryptos like Bitcoin, Ethereum and especially Dogecoin. Dogecoin actually started as a joke based on an internet meme, but now it’s taken over in a very real way.”
Robinhood crashes during Musk’s appearance
The stock trading app Robinhood said they were experiencing issues with crypto-trading during Musk’s appearance.
Robinhood told Insider that the platform’s crypto-trading was “back up and running” about 30 minutes after it first reported difficulties.
Insider says they declined to comment on whether the issues were related to Musk’s appearance.
The crypto market crash is impacting North Korea’s weapons programme
The recent crypto market crash has made its way to North Korea, where hackers are bearing the brunt.
The isolated country relies on stolen crypto to fund part of their weapons program.
But as crypto holdings drop by millions of dollars, the nation is reportedly scrambling to find new ways to fund Pyongyang’s missile plans.
North Korea has ramped up its stolen crypto assets in recent times leading to one of the largest cryptocurrency heists on record earlier this year.
Hackers allegedly stole $615 million worth of crypto prompting the U.S. tplace a warning about potential workers who are hiding their identities to find jobs abroad.
Meanwhile, crypto holdings have decreased in value with the market sliding below $1 trillion for the first time since January 2021.
Katerina Kostakos contributed to this report
Forward thinkers who love fashion, this exhibit is for you
Luxury brand Gucci has opened a Vault Art Space as it continues to explore the art world and the metaverse
Gucci inaugurated the gallery in a partnership with NFT marketplace SuperRare
The debut exhibit is titled “The Next 100 Years of Gucci”
Keep your eye out for a special selection of NFT artworks, each a collectible fragment of Gucci’s heritage.
The artworks are showcased and auctioned off directly on Vault’s website in three drops between now and the end of July.
All sales will be in Ethereum.
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