Contrary to popular belief, the appearance of Elon Musk on Saturday Night Live didn’t bode well for the prices of Dogecoin. Cryptocurrency experts believed that the appearance would boost the valuation of Dogecoin; however, on the contrary, its prices registered a sharp decline during Musk’s cameo. It’s worth mentioning that in the run-up to Musk’s appearance on the SNL, the Dogecoin prices were rising in a study and consistent manner.
There was a slight recovery in the crypto’s valuation after the show as the coin recovered from 43 cents to 55 cents though the recovery was not large enough to create waves in the ocean. There is nothing usual in the price trajectory of Dogecoin as the basic valuation characteristic of cryptocurrencies is highly turbulent. The only exception, in this case, is that most enthusiasts were hoping that price would head towards the North as Elon Musk appeared on the show, but in reality, exactly the opposite happened.
That said, the positive news has come from the Gemini exchange, which has announced that it will reward investors of Dogecoin with interest income on their deposits. The interest will be offered at the rate of 2.25%, and the best part is that no minimum balance condition is applicable on earning income from the interest.
It will be interesting to witness the future trajectory of Dogecoin in the coming days. The cryptocurrency has shown promising potential in 2021, and particularly, the support coming from Elon Musk has been instrumental in reviving the interest of investors in the digital coin. This continued interest is likely to stay intact for the rest of the year, and which will help Dogecoin maintain its positive momentum in the future.
What is further expected to help Dogecoin is the new deal between SpaceX and Geometric Energy Corporation, where the latter will launch the DOGE-1 CubeSat of the former to the moon. The launch is expected to happen in the first quarter of next year, and one of the significant features of this deal is that it is entirely funded by Dogecoin.
There is no doubt that Dogecoin has made tremendous gains in recent times. The additional support coming from Elon Musk is sure to come in handy in further consolidating the crypto’s position in the market. In sum, Dogecoin prediction is largely positive and can help investors to realize handsome gains in the months to come.