Bulletin
Investor Alert

New York Markets Open in:

Cryptos Archives | Email alerts

May 8, 2021, 8:01 p.m. EDT

Dogecoin nears 75 cents, then slips as crypto pioneer Silbert seen betting against parody coin ahead of Elon Musk’s ‘SNL’ guest-host gig

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Dogecoin USD (DOGEUSD)
  • X
    Bitcoin USD (BTCUSD)
  • X
    Tesla Inc. (TSLA)

or Cancel Already have a watchlist? Log In

By Mark DeCambre

Call it the “dogefather” versus the godfather of crypto.

Barry Silbert, a power player in the digital-asset sector, said he’s betting against dogecoin /zigman2/quotes/226077044/realtime DOGEUSD -9.90% and is urging investors in one of the hottest trades in 2021 to convert their doge holdings into bitcoin /zigman2/quotes/31322028/realtime BTCUSD -1.50% .

The missive from Silbert comes as the chief executive of Tesla Inc. /zigman2/quotes/203558040/composite TSLA -0.40% and SpaceX and one of dogecoin’s most vocal champions, Elon Musk, is set to guest host NBC’s late night comedy sketch show “Saturday Night Live.”

Check out:   As dogecoin price tops 60 cents, Elon Musk says ‘please invest with caution’ ahead of ‘Saturday Night Live’ guest-host gig

Fans of dogecoin are hopeful that the Tesla CEO may offer a bullish word or two on the doge, which was created in 2013 as a lighthearted riff on bitcoin, but has now taken on different significance amid a nearly 14,000% surge in value in 2021.

At last check Saturday evening, dogecoin was changing hands at 63.9 cents on CoinDesk, off about 14% from its 24-hour peak at 74.08 cents.

Some view the asset as the perfect example of an asset bubble.

Musk, however, on April 28 declared himself the dogefather, ahead of the ‘SNL’ spot.

Dogecoin’s moves have been primarily pegged to Musk’s comments in social media, in recent weeks and months.

Silbert is considered a luminary in the world of digital assets, after founding two of the most widely known enterprises in crypto: Grayscale Investments, which runs the popular Grayscale Bitcoin Trust /zigman2/quotes/203330852/composite GBTC -7.05% ; and the Digital Currency Group, which also owns CoinDesk. He’s also been an early investor in companies like trading platform Coinbase Global /zigman2/quotes/225893452/composite COIN -2.92% and Ripple, a blockchain-focused startup behind the cryptocurrency XRP /zigman2/quotes/108573966/realtime XRPUSD -12.72% . CoinTelegraph ranks Silbert as the No. 5 most important person in decentralized digital assets.

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

Silbert’s tweet effectively creates a face-off between billionaire investors.

Musk boasts a networth of $166 billion, while the DCG founder’s networth is $1.6 billion, according to Forbes .

Doge devotees have very publicly set a target of $1 for the coin in 2021, a number that might seem extremely modest at first glance but not when viewed through the lens that Doge traded at $0.005 on the final day of 2020.

Even more bullish dogecoin holders, view their price targets at $5 and beyond.

Interest in dogecoin can’t really be overstated. In Google trends over the past week, it has eclipsed searches for COVID and coronavirus and Elon Musk’s appearance on “Saturday Night Live” is trending on Twitter.

So far, the meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures /zigman2/quotes/210034565/delayed GC00 -0.35%  are down 3% so far this year, the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.76% and the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.40% are up by nearly 13% in 2021, while the Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.79% has gained about over 6% so far this year.

However, even Musk offered a note of warning on Friday, suggesting that investors buy cautiously.

/zigman2/quotes/226077044/realtime
US : Kraken
0.19
-0.02 -9.90%
Volume: 71.92M
June 22, 2021 4:27a
loading...
/zigman2/quotes/31322028/realtime
US : CoinDesk
32,131.38
-490.14 -1.50%
Volume: 0.00
June 22, 2021 4:28a
loading...
/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 620.83
-2.48 -0.40%
Volume: 24.81M
June 21, 2021 4:00p
P/E Ratio
621.39
Dividend Yield
N/A
Market Cap
$600.45 billion
Rev. per Employee
$445,694
loading...
/zigman2/quotes/203330852/composite
US : U.S.: OTC
$ 27.70
-2.10 -7.05%
Volume: 12.11M
June 21, 2021 3:59p
P/E Ratio
0.57
Dividend Yield
N/A
Market Cap
$20.63 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/225893452/composite
US : U.S.: Nasdaq
$ 222.60
-6.69 -2.92%
Volume: 4.69M
June 21, 2021 4:00p
P/E Ratio
76.64
Dividend Yield
N/A
Market Cap
$48.22 billion
Rev. per Employee
$1.02M
loading...
/zigman2/quotes/108573966/realtime
US : Kraken
0.59
-0.09 -12.72%
Volume: 14.64M
June 22, 2021 4:27a
loading...
/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,776.70
-6.20 -0.35%
Volume: 48,824
June 22, 2021 4:18a
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
33,876.97
+586.89 +1.76%
Volume: 324.44M
June 21, 2021 5:12p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,224.79
+58.34 +1.40%
Volume: 2.04B
June 21, 2021 5:12p
loading...
/zigman2/quotes/210598365/realtime
US : Nasdaq
14,141.48
+111.10 +0.79%
Volume: 4.15M
June 21, 2021 5:16p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.