{"id":158173,"date":"2021-05-12T20:30:52","date_gmt":"2021-05-12T15:00:52","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=158173"},"modified":"2021-05-12T18:36:18","modified_gmt":"2021-05-12T13:06:18","slug":"can-elon-musks-damage-control-measures-help-revive-dogecoins-price","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/can-elon-musks-damage-control-measures-help-revive-dogecoins-price\/","title":{"rendered":"Can Elon Musk’s ‘damage control’ measures help revive Dogecoin’s price?"},"content":{"rendered":"

Elon Musk, CEO of Tesla, sent Dogecoin’s price on a roller-coaster<\/a> ride. In fact, Musk’s appearance on SNL created hype for the meme-coin; however, the coin\u2019s price plunged south that day. Musk humorously called<\/a> the memecoin a \u201chustle\u201d on SNL. Right after the show ended, the coin dipped by more than 20 percent, until it reached the 44-cent mark.<\/p>\n

Dogecoin\u2019s price, however, started bouncing back on Tuesday morning after Musk asked<\/a> his 54 million Twitter followers if they wanted his car company, Tesla Motors, to start accepting Dogecoin as a payment method. 78.2% of the 3.9 million people who responded to the poll, opting for “yes”.\u00a0<\/span><\/p>\n

Despite its brief 10 percent surge – from 46 cents to 50 cents on Tuesday, the meme-coin was trading well below its ATH, at press time.<\/p>\n

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Source: TradingView<\/figcaption><\/figure>\n

CNN\u2019s Paul R La Monica accurately predicted this price movement as a \u201cbuy the rumor sell the news\u201d tactic right before Musk’s SNL performance. He recently said<\/a>,\u00a0<\/span><\/p>\n

“People in their right mind expected Musk to go on SNL and wax rhapsodic for 90 minutes about all the virtues of Dogecoin and push it to ever high prices. That didn\u2019t happen. He made fun of it.”<\/p><\/blockquote>\n

He further added,<\/p>\n

\u201cRight now Musk needs to do a little bit of “damage control,” I am surprised Doge is falling this much!\u201d<\/p><\/blockquote>\n

Highlighting the favorable poll result, Paul pointed out that most of the people following Musk were his fans and not the trollers.<\/p>\n

Apart from the Tesla poll, Musk also recently unveiled that SpaceX would pay for the Doge-1 satellite mission in Doge. This proclamation helped the coin revive from its lows after SNL\u2019s bloodbath.\u00a0Musk\u2019s announcement read<\/a>,\u00a0<\/span><\/p>\n

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SpaceX launching satellite Doge-1 to the moon next year<\/p>\n

\u2013 Mission paid for in Doge
\n\u2013 1st crypto in space
\n\u2013 1st meme in space<\/p>\n

To the mooooonnn!!https:\/\/t.co\/xXfjGZVeUW<\/a><\/p>\n

\u2014 Elon Musk (@elonmusk) May 9, 2021<\/a><\/p><\/blockquote>\n