Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’

Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.

Now, the product manager for a startup in New York is dabbling in dogecoin DOGEUSD, +13.22%, and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.

“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.

“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.

The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.

Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn cheers and jeers.

Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla TSLA, +1.33% has been mostly using his massive social media following to pump up the price of doge, tweeting back on April 1 that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”

Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.

From: MarketWatch