Elon Musk’s debut as co-host of Saturday Night Live sent Dogecoin into an abnormal trajectory this weekend. After an impressive rally on Friday and Saturday, the cryptocurrency lost about 30% of its value shortly after Musk agreed that, indeed, Dogecoin becomes “too bad for nothing”.
But despite the dread, DOGE recovered most of its losses and its market capitalisation rose to more than $70 billion. Now the value of cryptocurrency is greater than the value of some of the largest companies in the world, like ConocoPhillips, the global energy giant, Colgate, Ford, Twitter, Southwest Airlines and more.
Dogecoin is a financial asset that someone came up with as a joke, and yet investors are going crazy over it!