- DOGE investors were hugely disappointed as prices flopped following Elon Musk’s appearance on SNL.
- Digital Currency Group CEO has taken the opportunity to tease the community and make a $1 million bet on where prices are headed.
The CEO of Digital Currency Group, Barry Silbert, has been advising Dogecoin investors to convert their DOGE to BTC. This was after prices plummeted by as much as 40 percent a few hours after Elon Musk’s appearance on Saturday Night Live (SNL). In the wake of the flop, a few maximalists have been trolling and teasing DOGE investors. Silbert in particular is putting $1 million on the line.
In a tweet, he declared that his company is shorting DOGE. He added that money collected from this short would be donated to financial education and bitcoin-related causes. Furthermore, he has directly waged against the Dogecoin community on whether they can get the token to $1 by May 31st. The CEO, who bet that Dogecoin will not rally as high as $1, said that if the community can achieve this, he will donate $1 million to a charity chosen by the Dogecoin community.
— Barry Silbert (@BarrySilbert) May 8, 2021
A lot has been made of this. First, there is some controversy over the fact that the company shorting DOGE owns Coindesk, a crypto-focused publication. Also, one user has in particular been critical of Silbert noting that a lot of DOGE investors are new to cryptocurrencies, adding that he should be teaching them of other crypto investments rather than spreading FUD and influencing the fall of the digital asset.
You've already told us you're willing to act in bad faith against a community that largely kept to itself. You could have been their gateway into bitcoin and better investments but instead chose this. You've became the wallstreet investors bitcoin was formed against
— Dioskouori (@dioskouori) May 8, 2021
But what is more interesting is that a few are prompting the community to make Silbert eat his words. This could easily turn out to be another GameStop chaos – institution vs retailers. In the GameStop case, the retailers won.
The DOGE community has in recent weeks shown its might. Last month, the coin managed to rally by as much as 500% in a week. In terms of capability, this group of investors can definitely double prices from the current $0.50 price range. Notably, Dogecoin has been compared to GameStop for its retail-inspired rally.
Elon Musk is responsible for gains recorded in recent months, and the weekend plummet as well. Investors eagerly await any comment related to the token by the billionaire.The recent pumps have been primarily been driven by Fear of Missing Out (FOMO). As soon as prices begin to move upwards again, interest and demand will flood. However, it feels like the person who started all this is the one who can repair it.
In the meantime, the community is already scheming how to pump the coin to beat Silbert and his company. Some have even suggested that if Barry Silbert loses, he should be forced to send the charity in DOGE.