The price of Dogecoin moved sharply lower immediately following Elon Musk’s much anticipated Saturday Night Live debut. It took more than 10 minutes for Musk to mention Dogecoin during his opening monologue and even then it was quite basic. Musk brought his mother Maye Musk on stage and joked that his Mother’s Day gift to her is Dogecoin.
Once the show was complete, Dogecoin price took a beating. Within hours, the price of Dogecoin fell around 30% to below 45 cents before showing early signs of a rebound. If you want to learn how to buy Dogecoin amid expectations of a reversal over the coming days and weeks, this guide is for you.
Where to buy Dogecoin now: top cryptocurrency brokers to buy DOGE
The first step in learning how to buy Dogecoin is to understand what is needed: a cryptocurrency broker. There are multiple cryptocurrency brokers that offer the ability to buy Dogecoin that trades under the ticker DOGE.
But much like the stock broker universe, investors are often overloaded with too much choice and need a helping hand in guiding them. Our team of financial experts explored many of the top cryptocurrency brokers to buy Dogecoin and singled down our recommendations to two brokers.
EToro is among the more popular brokers around because it combines a unique social aspect to investing with rock bottom and in some cases free trading. The cryptocurrency recently added the ability to trade Dogecoin to its platform so the highly reputable eToro broker is a no-brainer choice for buying Dogecoin.
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Plus500 is a great alternative choice to buying Dogecoin as it offers a complete package of ease of convenience, reliability, and low fees. Plus500 is licensed in areas it operates in and has been a go-to choice for new and professional investors alike.
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Did Elon Musk cause Dogecoin price to tank?
To place the blame on any one individual for the performance of Dogecoin price would be a mistake. Musk solidified himself as a backer of Dogecoin and cryptocurrencies in general so it was unlikely his desires to cause the price of Dogecoin to tumble.
But, during the SNL’s “Weekend Update” segment, Musk played the role of a financial expert who dodged multiple times the question of what exactly is Dogecoin. Musk’s character finally answered that Dogecoin is a cryptocurrency that can be traded for conventional money before adding that “it’s a hustle.”
Is this the reason why Dogecoin price tumbled? Probably not. It is possible that SNL was a mere “sell the news” type of event where the price of Dogecoin soared heading into Saturday and investors were looking for any excuse to take some profit off the table.
Will Dogecoin price rebound?
The short answer is it is unclear if Dogecoin price can recover to new all-time highs. Even if it does, it is conceivable that a sharp move higher might only come after prolonged weakness. Consider the price of bitcoin that tested the $20,000 level in late 2017 and it wasn’t until 2020 it recaptured those highs to soar even higher.
Buying Dogecoin and any other cryptocurrency can play a part in an investor’s diversified portfolio that holds several asset classes. Musk himself tweeted ahead of SNL for people to “please invest with caution.”