Bitcoin latest price – Shiba Inu, Bonfire and Ethereum cryptocurrency prices rocket but Dogecoin plunges 24% after SNL

Dogecoin plummeted in value during the first hour of Saturday Night Live – which was guest-hosted by Elon Musk.

Fans of the cryptocurrency had predicted the opposite ahead of the show.

The currency was mentioned several times by Musk, and once by his mum – who told him not to organise any for her Mother's Day present.

Read our cryptocurrency live blog below for the very latest updates…

  • Alice Peacock

    ELON MUSK GEARS UP FOR SNL

    'Dogefather' Elon Musk is gearing up for his Saturday Night Live hosting gig alongside Miley Cyrus and the 'Dogecoin dog'.

    The tech titan has been tweeting about hitting New York City with his Cybertruck prototype ahead of his heavily promoted TV appearance.

    He tweeted that his "cybertruck prototype" is "in New York this weekend", where it has been spotted in Manhattan.

    It prompted a barrage of memes in response, with one fan pointing out to the billionaire that "unfortunately for the majority of us 'average' folk these are completely out of our price range."

    Another joked that a "Honda Civic is better".

    Ahead of his SNL appearance, Musk also tweeted a pic of him, Cyrus, Australian rapper The Kid Laroi and a canine guest – a Shiba Inu dog from the meme which inspired Dogecoin's creation.

  • John Hall

    ETHEREUM PRICE GOING UP

    Since it split into two, Ethereum has superseded Ethereum Classic with the former now having a market cap of roughly $400billion.

    In comparison, Ethereum Classic has one of around $16billion, according to CoinMarketCap.

    The Ethereum price is currently sitting at £2,491 ($3,468), compared to £101 ($141) for Ethereum Classic.

    The value of Ethereum Classic has rocketed by more than 700% in just a month though, and was worth £13.74 ($19.14) on April 7.

    The cryptocurrency is going up in value as it “plays catch-up with the wider markets”, Mr Green told The Sun.

  • John Hall

    WHAT IS CRYPTO MINING?

    Mining cryptocurrencies is a complex and energy-intensive process, which requires a lot of computer power.

    Bitcoin is one of the most popular cryptocurrencies, and the process for mining it is similar for other coins.

    Mining Bitcoin requires a computer solving a difficult mathematical problem with a 64-digit solution. For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.

    To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

    There are only about 21million Bitcoins that can be mined, and roughly 18.5 million have been found so far.

  • John Hall

    DOGECOIN 4TH BIGGEST CRYPTO

    Dogecoin is now the fourth largest crypto with a market cap of $76 billion – and the coin which started as a joke is now bigger than everyone expectations, writes Sara Wang for eToro.

    She adds: “We all know the story of Dogecoin, created as a joke by software engineers Billy Markus and Jackson Palmer.

    “We also all know the reasons why Dogecoin has been criticised by investors”:

    • Absence of mining cap and high supply, bitcoin for example has a fixed supply of about 21 million coins, of which not all have been mined yet. Dogecoin on the other hand has more than 129 billion coins outstanding, with 5 billion in new coins hitting the supply every year.
    • Lack of development, no any development on the coin has been made by the creators since 2015.
    • Not fully accepted for transaction
    • Lack of credibility

    WILL DOGECOIN'S PRICE RISE?

    It's probably too early to give any definite answer and cyptocurrency markets remain volatile.

    Any investor should be aware that they could lose all their investment, as with any market trading.

    Musk himself tweeted ahead of SNL for people to “please invest with caution.”

    WHY IS THE PRICE OF DOGECOIN FALLING?

    Dogecoin's price was over $0.70 on Saturday, but shortly after Musk's mention of it on SNL, the price fell, hitting $0.47 as of 1pm on May 9.

    Dogecoin enjoyed a surge recently after it was announced that a well-known cryptocurrency platform would accept the coin.

    Customers who use eToro – and there are around 20 million of them globally – will now be able to buy and sell Dogecoin.

    The online trading platform left users users locked out of their accounts earlier this year after crypto markets crashed.

    SPACEX VP ON USING DOGECOIN TO FUND MOON MISSION

    SpaceX vice president of commercial sales Tom Ochinero said in a statement that DOGE-1 “will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”

    “We’re excited to launch DOGE-1 to the Moon!” Ochinero said.

    WHAT IS CRYPTO MINING?

    Mining cryptocurrencies is a complex and energy-intensive process, which requires a lot of computer power.

    Bitcoin is one of the most popular cryptocurrencies, and the process for mining it is similar for other coins.

    Mining Bitcoin requires a computer solving a difficult mathematical problem with a 64-digit solution. For each problem solved, one block of Bitcoin is processed. In addition, the miner is rewarded with new Bitcoin.

    To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a steady stream of new Bitcoins are produced each day.

    There are only about 21million Bitcoins that can be mined, and roughly 18.5 million have been found so far.

    WHAT IS DOGECOIN?

    Dogecoin is a cryptocurrency and was first launched back in 2013.

    Dogecoin has the image of a Shiba Inu dog as its logo.

    The image became a popular internet meme called doge, and it features the dog surrounded by text in the comic sans font with words like "much wow".

    Software engineers Jackson Palmer and Billy Markus originally created Dogecoin as a joke based on this meme.

    It has been marketed as the "fun" version of bitcoin but has gained in value and attracted more serious interest since then.

    Two weeks after it first launched, the value of it jumped 300% after China banned banks from investing in cryptocurrencies, according to Investopedia.

    • John Hall

      SPACEX ACCEPTS DOGECOIN AS PAYMENT

      SpaceX will accept Dogecoin as payment for its DOGE-1 mission to the moon.

      Geometric Energy Corporation announced the dogecoin-funded mission on Sunday, which SpaceX’s communications team confirmed in an email to reporters.

      The mission’s financial value was not disclosed.

    • John Hall

      MILEY CYRUS DOESN’T UNDERSTAND DOGECOIN

      Elon Musk may have dubbed himself The Dogefather – but his SNL musical guest Miley Cyrus doesn’t have a clue when it comes to Dogecoin.

      The singer, 28, shared a tweet of her practicing her scales ahead of her Saturday Night Live performance – and poked fun at the complexities of the cryptocurrency.

      The virtual “money” started as an internet parody more than seven years ago, according to CNN, but has since become a legitimate digital currency.

      Jackson Palmer, an Australian marketer, made a joke about combining cryptocurrency and the Doge meme in 2013, but that joke has taken on a life of its own: its market cap is now over $17 billion.

      Dogecoin is simply a digital coin with a picture of dog on it, according to CNET. That dog is the subject of an internet meme of a Shibe with an “inner monologue” featuring phrases like “so scare,” “much noble,” and “wow.”

    • John Hall

      WHAT IS ETHEREUM CLASSIC?

      Ethereum Classic (ETC) is a cryptocurrency that came into existence in the summer of 2016, when the Ethereum community essentially split into two.

      Cryptocurrency Ethereum (ETH) was released in 2015, and it’s the second largest after Bitcoin.

      Some experts believe it has the potential to one day overtake Bitcoin as the dominant coin in the market.

      Following a hacking incident, where hackers got their hands on $70million worth of ETH, Ethereum Classic was created in the original blockchain.

      Simon Peters, cryptoasset analyst at investment platform eToro, told The Sun: “The Ethereum community essentially split into two, those that said to keep the blockchain as it is, and those that wanted to restore the stolen ETH.”

    • John Hall

      DAVE CHAPPELLE WADES IN ON ELON MUSK'S SNL APPEARANCE

      The comedian spoke to Joe Rogan in a wide-ranging interview uploaded on Friday, in which he reflected in a three-hour-plus podcast on his own comedy career and said he didn't understand the fuss over Musk's hosting gig.

      "Like you said, no one can be woke enough,” Chappelle told Rogan of those criticising the decision to invite Musk to the show.

      “I’m torn, because I like a warrior for a good cause, but I’m really into tactics. You’re not going to nag people into behaving. … In fact, if you continue with this tone, even if you’re right, you’ll be very hard to hear."

    • John Hall

      BITCOIN PRICE NOWHERE NEAR PEAK OF RUN – ANALYSIS

      The price of bitcoin is nowhere near the peak of its bullish run, according to the latest analysis.

      Bitcoin has been consolidating around the $1 trillion market capitalisation threshold for almost three months, according to a Nasdaq analysis.

      The report states: "There is absolutely nothing to be concerned about in terms of the fundamentals and long-term outlook of the monetary asset.

      "Many market spectators have been quick to call it a “top” because of the speculation occurring in the illiquid altcoin markets, but this is a shortsighted take that does not take into account the empirical data.

      "New entrants and capital are entering the market every single day, and the fixed monetary policy of Bitcoin remains consistent."

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