A crypto analyst with the Twitter handle Lowstrife, has said that Dogecoin may crash on the 8th of May as Elon Musk makes his appearance as “The Dogefather” on Saturday Night Live.
The analyst’s forecast is coming amid an ongoing DOGE spike. DOGE has climbed more than 12% in the last 24 hours and currently trades at $0.62. Earlier today, the crypto asset reached a new record high of $0.6953. DOGE’s 24-hour trading volume has jumped nearly 7% and now stands at a market cap of over $80 billion.
Now, the analyst is comparing DOGE’s predicted loss to the XRP crash in 2017. He explained in a tweet:
“Each of Doge’s major rallies this year has been smaller and less aggressive. What took 18 hours at first has been ongoing for 2 days now. I suspect this is the final push before it’s all over for good. May 8th is the day to watch.”
Notably, DOGE’s current price movement is similar to XRP’s in 2018 before it hit its all-time high of $3.20. Shortly after, XRP lost a whopping 95.6% to a low of $0.14.
Musk is a known supporter of DOGE, and his continuous reaction to the coin has fuelled its value over time.
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