About This Source - Bloomberg QuickTake: Now
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Bloomberg Quicktake: Now published this video item, entitled “Elon Musk on SNL Spurs Dogecoin Watch Parties After 20,000% Gains” – below is their description.
They’ll be setting up taco bars, monitoring price movements on dedicated screens and taking a drink every time someone says “doge.”
Dogecoin traders around the world are organizing watch parties for Elon Musk’s appearance this weekend on “Saturday Night Live,” with their apps open in case the Tesla Inc. chief and crypto booster’s comments move prices.
“A lot of this depends on what Elon Musk does, what he says,” said Alma Cortez, 28, of Fresno, California. “Everyone is going to be on their phones, but at the same time trying to pay attention to see what’s moving, because you don’t want to lose.”
She will have a taco bar, music and a bartender on hand at her house for a group of about 10 friends watching Musk’s performance.
Cortez’s enthusiasm is part of the mania over Dogecoin, which has emerged from its genesis as a cryptocurrency that was coded on a whim to delivering astonishing profits for some traders.
Consider the case of Ramy Bekhiet, a 27-year-old engineer from Ewing, New Jersey. Last year, he plonked down about $750 to buy 250,000 Dogecoins when it was trading at $0.003 — that’s not a typo. Yes, a fraction of a cent. As of Friday afternoon, the cryptocurrency was trading at about 61 cents per coin, making Bekhiet’s investment worth about $152,500.
Prices have soared an astounding 10,626% this year and about 26,500% since a low last July. The fact that Dogecoin traded at fractions of a penny was part of its appeal, making it seem fun, approachable and cheap — attracting fans ranging from ordinary investors to celebrities.Bloomberg Quicktake: Now YouTube Channel
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