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Dogecoin Tanks as Crypto King Barry Silbert Shorts It Ahead of Elon Musk's "SNL" Debut

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Sat, 05/08/2021 - 17:39
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Alex Dovbnya
Barry vs. Elon? Digital Currency Group CEO Barry Silbert has moved to crush Dogecoin ahead of Elon Musk's "SNL" hosting debut
Dogecoin Tanks as Crypto King Barry Silbert Shorts It Ahead of Elon Musk's "SNL" Debut
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Meme cryptocurrency Dogecoin tanked over 10 percent right after Digital Currency Group CEO Barry Silbert disclosed that he had shorted it with the help of Dogebear, a 3x leveraged ERC-20 short token that is trading on the FTX exchange. 

He urges DOGE holders to convert their proceeds into Bitcoin, the largest cryptocurrency, while vowing to donate any money DCG makes on the trade to "financial education" and BTC-related causes:

Any money we make on this we're going to donate to financial education and bitcoin- related causes. 

Doge
Image by tradingview.com

Related
Elon Musk Believes Dogecoin Is His "Private Stimulus" for People

Silbert is throwing down the gauntlet to Telsa CEO Elon Musk, the most prominent Dogecoin supporter, and his loud army of retail investors.          

The crypto king's tweet came just hours before Musk is going to make his much-awaited hosting debut on "Saturday Night Live."                

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.