Dogecoin just lost more value during SNL than Tesla has made in profits throughout its entire existence. pic.twitter.com/M3lape0Txp— Max Kennerly (@MaxKennerly) May 9, 2021
It tanked because the price reached an all-time high and people sold it to make money. It had nothing to do with how funny Elon was. Even if he was the best SNL guy ever, it still would have tanked because you're supposed to sell when the price gets high. Sellers cause the price to drop. Buyers cause it to rise. There weren't enough buyers to counteract what the sellers sold. Probably because a person who had been holding since it was less than a cent, and who had thousands/millions of coin sold. Buying that same amount when the price is over $0.60 is harder, because it's way more expensive than it was when that person bought.
Then, once the price drops enough, people's confidence in buying is shook because they see red so they stop buying for that reason too. When the price doesn't return, it sets off a chain reaction of selling. People trying to get out while they can make a profit. Unfortunately anyone who bought last night right before the show is pretty screwed because it's not likely to go back to that price anytime soon, if at all.
The people on r/dogecoin have this weird notion that people who bought in at $0.0001 are supposed to not sell when the price hits $0.71 so that the people who bought in at $0.69 can turn $100 into $1000. They want people to uplift them out of poverty by not taking profit on an investment or at least waiting years/decades before cashing out. It's capitalism. To invest under the premise that the other guy will be nice and not do the thing that materially benefits them is pretty silly. It's even worse brainworms than thinking Joe Biden is restoring the soul of the nation. Because it depends on capitalists not doing capitalism.
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It was under .40 last week and now it's slightly under .50.
God bless this sub, but it wouldn't know a crash if one landed on it's head.
It tanked because the price reached an all-time high and people sold it to make money. It had nothing to do with how funny Elon was. Even if he was the best SNL guy ever, it still would have tanked because you're supposed to sell when the price gets high. Sellers cause the price to drop. Buyers cause it to rise. There weren't enough buyers to counteract what the sellers sold. Probably because a person who had been holding since it was less than a cent, and who had thousands/millions of coin sold. Buying that same amount when the price is over $0.60 is harder, because it's way more expensive than it was when that person bought.
Then, once the price drops enough, people's confidence in buying is shook because they see red so they stop buying for that reason too. When the price doesn't return, it sets off a chain reaction of selling. People trying to get out while they can make a profit. Unfortunately anyone who bought last night right before the show is pretty screwed because it's not likely to go back to that price anytime soon, if at all.
The people on r/dogecoin have this weird notion that people who bought in at $0.0001 are supposed to not sell when the price hits $0.71 so that the people who bought in at $0.69 can turn $100 into $1000. They want people to uplift them out of poverty by not taking profit on an investment or at least waiting years/decades before cashing out. It's capitalism. To invest under the premise that the other guy will be nice and not do the thing that materially benefits them is pretty silly. It's even worse brainworms than thinking Joe Biden is restoring the soul of the nation. Because it depends on capitalists not doing capitalism.